Review of $GC - 100 OZ GOLD ELECTRONIC Continuous (@:1GCc1#I)
as of Friday, December 17, 2010
Today's Price Action
Change 8.2000 (0.60%) prices closed higher than they opened. with strong Bids going into the close.
A hammer occurred (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.
A hanging man occurred (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend (which appears to be the case with $GC - 100 OZ GOLD ELECTRONIC Continuous) it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend it is called a bullish hammer.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
MARKET SENTIMENT
PulseScan Swing Vix
PulseScan: -7.53
Swing Vix: -5.74
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 7 period(s) ago. RALLY ALERT - (Short-term Market Bottom) Possible Breakout is likely due to strong market pulse projectionsThe Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 49 period(s) Ago.
The Swing Vix has just reached its lowest value in the last 14 period(s). This is bearish.The Swing Vix has set a new 14-period low while the security price has not. This is a bearish divergence. Since the PulseScan leads the market 3-5 days out we will wait to see if downside pressure develops.
*Since the last Swing Vix signal, $GC - 100 OZ GOLD ELECTRONIC Continuous's price has decreased 0.28%, and has ranged from a high of 1,407.6000 to a low of 1,362.5000.
MOMENTUM
MARKET TREND - Currently the TREND is VERY-BULLISH - Heavy Accumulation.
TREND STRENGTH - STRONG - Bullish Trend,
TRENDLINE RETRACEMENT
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 1,237.4451
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 1,234.7158
The close is currently Above it's Intermediate Term TRENDLINE RETRACEMENT. - 1,354.7380
The close is currently Below it's Short Term TRENDLINE RETRACEMENT. - 1,384.5918
INTRADAY PRICE PROJECTIONS
RESISTANCE 1,375.7424
SUPPORT 1,368.7576
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 1,407.6000
PulseWave BreakOut SUPPORT - 1,372.0000
MONTHLY PRICE PROJECTIONS
BULL MARKET UPTREND - (12-18mo) PRICE TARGET = 1,818.4099
Long term Trend Line resistance is currently at - 1,431.1000
Long term Trend Line support is currently at - 1,237.4451
MONTHLY PRICE PROJECTIONS
BUBBLE PHASE 3 - (72mo+) (TULIP CRAZE CRASH IMMANENT) PRICE TARGET = 2,980.3398
BUBBLE PHASE 2 - (42-60mo) (MARKET FRENZY BUYING) PRICE TARGET = 2,593.0298
BUBBLE PHASE I - (24-36mo) PRICE TARGET = 2,205.7197
VOLATILITY
On 12/17/2010, $GC - 100 OZ GOLD ELECTRONIC Continuous closed
above the lower band by 42.5%.
This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.
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