INDEX:IUXX   Nasdaq 100 Index
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I sometimes trade the Russel 2000 but chose the Nasdaq 100 at random to cross check long term interpretation. Its the same. I'm guessing any of the US indices show similar. Triangles all over.
Gold             lines: long term trend. Purple: shorter 'QE' channel. Various minor influences as noted, then red: long term down fork to which there is considerable adherence in sectional resistance/support & break out. There are a good number of measures, ratio extensions etc which suggest it is at or very near a significant top. E.g It is approx a ratio of 1.00 : 0.68 higher than the significant point of convergence across the 0.5 of the downtrend, 2012.04.02, crossing to a shift up. The exact crux point is on the convergence of the gold/purple just above where it is now, week 2013.09.30. Pulling viewpoint out the overall arc is at midpoint. The overall trend extension off the 0.5 point of convergence is again 1.00 : 0.684
(the date 'patterning', 3.9.3 / 2.4.2 / 2.3.2 etc has my curiosity, self referential number sequencing(?)) To me, it has two choices, if it gets there, push through to a whole new phase of high, or turns down. A down turn would fit an ABCD scenario
Incidentally here is a 77.77% extension of crash to crash, significance I don't know, close to 1.81 (?). The 'problem' is that any down turn to any ABCD completion (I've only pencilled in a suggestion) is that it starts to look like a possibly much larger ABCD, i.e that's only the little triangle.
Big week ahead, lots can happen, as said before much is balanced very finely. Technically there is much potential for diamond tops of various sizes. I don't wish to dramatize possibilities but stock markets are particularly vulnerable to cascading self fulfillment. Should there be any significant downward move metals (currently of my particular interest) will go very bull . The silver/gold dump was in part a sell off to equities . The reverse is also true.
Technically I'm keeping a close eye, a little push up through that major crossline and a tap on the green above, the 1.618 maximum divergence off the current up channel ... also any shade of adherence/behaviour to the second of those sharp downtrend lines
Fib timelines (which are IMO not very accurate, useful on their own after 2nd) but I have noted in a major low (2nd) predicted in 2014.01.27.) Major trade opportunities beckon. As always be sharp, be safe.
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