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Saturday, July 17, 2010
There was a large fight going on this week as the bulls tried to forge their way up thru a mess of resistance in the 1090-1100 range where they lost that battle, and were turned back hard on yesterday's sell-off, five days of trench warfare, defeated in less then one day. The indicators are now more supportive of the bears case as they are rolling over from their over-bought conditions, also suggesting that there is a lot more downside ahead before they reach over-sold conditions. If 1020 does not hold, the next lower spot for a bounce is down in the 950-975 range.
I posted this Fib chart of the Dollar in last week-ends update, and since the Dollar has done a fabulous job of respecting the Fib fans, there is a cluster of support in the 81.25-81.50 range that should provide a great spot for a rebound, and keep it with-in the last bullish Fib fan. If that level does not hold, it will lose the support of the bullish fan suggesting that a challenge of the low would no longer be out of question.
Roy from the Elliott Wave Practitioner changes things up this week-end and does a short clip of the Gold and Silver markets for us. Click here to view the short video!!!