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Spot Gold is down 2% in the aftermath of the Israel-Iran conflict...What now?From the Big Picture pattern perspective exhibited by my attached Monthly Chart, my preferred scenario argues for a rangebound market above 3120 and below 3520 for 1 to 3 weeks ahead of another upleg that propels Gold to new ATHs... As for the influence of the US Dollar, my attached Weekly Chart indicates that unless and until DXY recovers and sustains above 101.00, the dominant powerful downtrend will prevail and points DXY toward a full-fledged test of the 2011-present support line that cuts across the price axis in the vicinity of 96.50...
By Levi at Elliott Wave Trader; Produced with Avi Gilburt“Surprises keep being to the downside”. So summarizes Lyn Alden, our lead fundamental analyst, regarding BMY’s current status. But, eventually the stock would reach levels that would make it attractive from a valuation standpoint, right? Or, could this morph into a ‘value trap’ type of situation? Let’s look at the fundamental snapshot with Lyn and then delve into the story being told by the structure of price on the chart. Lyn regularly shares deep insights, yet with elegant simplicity.
Today we saw the market move down off of the high that was struck yesterday but we are still trading over support so we do not have confirmation that we have put in a top just yet. Now with that being said the case could be made that we have a very small degree five wave move to the downside in place on both the ES and the RTY.
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