Gold was strong, and so we took the time to discover the evidence in the intraday charts that had predicted this. Most significantly, overnight abc retracements had failed to reach their respective midpoint supports. Were there any low-risk buying opportunities as a result? The answer is a qualified “yes,” since the best opportunities would have been signaled early in the trend, when most U.S. traders were having dinner; and in the wee hours, when they were sleeping. Following an $18 rally, about $10 worth of upside remained to a 1212.50 target, but we decided that it would take a few hours of sideways tedium to generate a good camouflage entry opportunity. We also found a logical target for Wheat’s parabolic move, and two good places to try shorting the Diamonds.
