Friday, October 11, 2013

The setup for this weekend, as of 9:00 AM

Here are some charts as of yesterday close, with today's premarket action comments:

Gold this second is at $1267. Lose any more pennies, and the chart becomes one of a gold H&S breakdown, "there's no such thing as an H&S continuation pattern" be damned. This is what people are seeing right now, and it's being done on purpose.

Here's silver:

Silver is about $21.15 this second, which I guess suggests an imminent pennant breakdown? Is that it? It's also being sold heavily with the intent on cratering the price.

V-bottoms will only really forestall the inevitable unless you can get even just one higher high printed somewhere, anywhere.

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