The three last indices is now in a bear markets but not definitely. The 8 months MA have turned down but could still change if August close comes in higher than today's daily close. The head and shoulder formation mentioned in my last blog looks more likely now and the target for SP500 is set to 1.138 and for the Dow to 10.740. The other bear markets target are the same.
Gold today got a so called key reversal which means that there is a possibility for a trend change. If tomorrows daily bar does not get over 61,8 % of today's bar the trend change get even more likely. The big short traders use to short the trend the day after a key reversal with a stop at the keys top.
Swiss franc CHF use to follow gold and the daily downtrend could change quickly if gold drops. Both gold and the CHF has broken out of the long parallel channels which use to be a sign for a trend change.
Gold today got a so called key reversal which means that there is a possibility for a trend change. If tomorrows daily bar does not get over 61,8 % of today's bar the trend change get even more likely. The big short traders use to short the trend the day after a key reversal with a stop at the keys top.
Swiss franc CHF use to follow gold and the daily downtrend could change quickly if gold drops. Both gold and the CHF has broken out of the long parallel channels which use to be a sign for a trend change.
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