Right now the bearish case looks best
Catching this decline and bounce in stocks might be easier than trading the metal itself.
Signs that this triangle pattern can break downward
I find the iShares MSCI Italy ETF interesting for two reasons. One, so far, it is a textbook example of a triangle formation that has spanned nearly nine years. Two, if the triangle pattern holds and the Italian markets turn down, could that be a precursor to other European equity markets topping and even mark a turning point in the Euro?
I don’t know if the triangle pattern will hold or if it will be an early warning to other problems on the continent, but it does look like a trading opportunity is nearby.
We think it’s time for the downward trend to resume
A sizable correction is due
I went ahead and did the copper analysis for the respective ETN. I’ve added some additional chart geometry and the Wave 59 9-5 study to the monthly chart but otherwise the story is the same as for copper futures.
I have been putting off a bigger picture gold post as I have been reevaluating the big picture EW counts. Let me start with the two scenarios I had been using and move on from there.
The index can climb still higher after a modest correction