Yesterday’s breach of the mid-May low at 10.40 opens the sluice gate to the 8.57 target shown. Meanwhile, a rally to the 10.87 midpoint pivot, which is now resistance, can be used by camo traders to get short. Alternatively, it would take an unpaused thrust exceeding 11.53 to the upside to get out of jeopardy and return the advantage to bulls. You could speculate with a tightly stopped bid near 9.92, since that is the ‘D’ target of a lesser, bearish pattern. _______ UPDATE (June 24, 8:20 p.m. EDT): The actual low at 8.70 was close enough to our target to have fulfilled it. This implies that traders should position from the long side for the moment, albeit with risk tightly under control. Accordingly, I’ll suggest looking for your entry spot on charts of three-minute degree or less. If you fill, please let me know in the chat room and I’ll establish a tracking position for your further guidance. _______ UPDATE (June 26, 4:06 a.m. EDT): With Comex futures getting savaged tonight, we shouldn’t count too heavily on the 8.57 target enduring. ______ UPDATE (June 27, 3:45 a.m. EDT): With Comex gold rallying, we should be prepared for a possible turn in this vehicle at any time. Accordingly, I’ll suggest using the 3-minute chart to get long via camouflage. The inset shows why a pullback from just above 8.37 could be just the ticket. If you fill, please let me know in the chat room so that I can establish a tracking position for your further guidance.
