Here at Chartfreak , we’ve been looking at the short term moves for traders that are likely to occur as well as The Big Picture that may be changing. I expected changes, and that is what we have seen developing already in 2016. The weekend report had over 30 charts, so I thought that I would share a couple here with the public readers.
SPX QUARTERLY – They say that a picture is worth 1000 words. This speaks volumes if things dont change in a big way.
Lets look at a few other areas…
In November & December I was looking for a double top in the USD, Not a run to 120 . This chart was posted on Dec 11.
Fast forward 2 months. Yes, we COULD get a run to 120, if this is a cup & handle, but at this point I still see the possibility of a double top. Of course, that could affect Commodities and Precious metals in the Bigger Picture.
Big Picture Oil
In November I pointed out my OIL weekly target of $26.06 in a different chart, when OIL was at $42. Then this chart showed divergence on the drop . So now I think that we are closer to a bottom after entering the 20’s.
GOLD & MINERS
GOLD – January 19 I was pointing out that GOLD is a Bullish looking set up, but Miners were breaking down to new lows.
GDX WKLY – This looks like a Shake out & Reversal. I am expecting further upside, but it’s difficult to say if it will be a strong run or not at this point.
GDXJ WKLY – Shake out.
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