Our Live Trading Rooms Bring Together Thousands of Traders from Around the World!
NOK (Nokia) is following the bullish script we discussed yesterday morning:I can make a compelling technical argument that NOK is in the process of emerging from a 15-year base-accumulation period and pattern that implies considerably higher prices, the lowest target of which is 11.80 to 12.30. For the time being, the technical work suggests strongly the NOK is a "keeper" that should be accumulated into weakness, and added to above 5.80... If my work is reasonably accurate, then this under-the-radar name is about to recreate significant interest once again... Last is 5.57...
We have seen quite the selloff in the metals complex. When the rubber band is stretched to an extreme in one direction, the snap back can be quite painful. And, I tried to warn quite vehemently about a potential for such a reversal, but too many were busy cheerleading.While I was able to identify the blow-off top occurring in real-time last week in gold, we are now down to the initial support regions on our various charts. In GC and GDX, we are now at the lower end of the upper support box.
After moving lower yesterday, we saw the market push sharply higher today as we once again retest the highs. As we’ve been dealing with for several months now, the price action remains quite sloppy in this region, as we continue to see three-wave moves both to the downside and upside. This is typical when trading within Ending Diagonal (ED) patterns, which still appears to be the case as the market continues to grind higher.On the smaller timeframes, I’m tracking a few different potential paths, all of which would likely ultimately lead to new highs.
Our Technical Analysts Share Their Expertise 24/7 on a Vast Range of Markets!
