MarkLangley

MarkLangley Updated 

Looking at the January 2022 (Yellow Bars) and 2023 (Red Bars) moves and overlaying them onto 2024 chart we can clearly January corrects the seasonal or Santa rally the question then what happens after that, the convergence is at 15278/15560, that will be decision time. I will post a daily and weekly chart to see if i can answer the conundrum.

MarkLangley Updated 

The Daily chart shows the first corrective impulse lower from the highs and the ensuing consolidation which is visible The target's from the weekly chart are still visible and need a close above $66/$83 to push into the draw boxes otherwise its more of the same within the range i will post a 4 hourly chart see if we can dig deeper. remember this is just wave...

MarkLangley Updated 

Firstly, the bearish engulfing candle on last weeks move. This for me will be the first punch in which is going to a slug fest this year. The market carries in overwhelming bullish sentiment into 2024 post the AI frenzy last year and Powell's suggestion that US interest rates may have peaked. Opinion is divided and throw in major elections this year i can only...

MarkLangley Updated 

$2030/$2070 keeping us entertained for now need a break for next targets nothing standing out at the moment but seems range bound and would prefer selling rallies.

MarkLangley

Everything I watch suggests Gold topping above $2088 possible last blow out towards $2300 for me that's a leap but remains a target. but loads of support on the downside for me the pattern of trading will be the same strong impulsive move up or down and then followed by period of consolidation.

MarkLangley

Gold looks toppish but the global issues facing us may give keep us a float for now but on the weekly the ascending triangle suggests topping pattern. I will dig into the daily and the 4 hourly to check for more immediate moves.

MarkLangley

The 4 hour charts doesn't offer to many more clues other than a tighter $65/75 range and an upwardly grinding channel I will keep an eye on it and see if it changes materially in the coming weeks.

MarkLangley

The first impulse higher from the crazy lows back in 2021 to the 129.55 high in 2022 has been correcting, the first impulse lower reached 65.38 and we we now consolidating in a narrow 65/80 range. the current move could extend into $90/95 zone being the 38.2/50.0% retracement before completing its correction in the $45/48 area which marks the target for the...

MarkLangley

One of my favourite indicators 3 day pivot zone Gives you a great idea of the trend and when the market becomes incisive and the pivot zone Observe the strong trend that keeps you buying dips the topping pattern and reversal it is a great indicator for day trading and pivot zones for support, resistance or changes in direction, trend

MarkLangley

First objective that area area of confluence suggested in chart one of the series (now in orange box). A break should see a test of the pink box and the 38.2% and 50% retracement area of the move from 10484. Sentiment is bullish analysts suggested higher (mostly) but I am not sure I don't think we have a run away train its going to be volatile for sure and I...

MarkLangley

Gold is at an interesting junction again, are we going go to hold the $1900 area and retrace or is this a more substantial bottom? It's very tough nowadays to anticipate what the outcome will be because the market seems to be adopting not too many traditional norms. So technically, it seems to have met a short-term objective around the $1900 area (38.2%...

MarkLangley

CL has to make a decision I am looking at the sell-offs and shows that either a good support area and buying area or a break could result in a move back into the $50's again. There is also some divergence n the MACD Do your analysis and decide ... i favour a stalling in the down move and a bounce into the mid $70's

MarkLangley

My favoured retracement levels are indicated in red boxes. But copied the move from that previous top back in August 2022.....BUT .... catch-22, the market is very bullish, and the AI story driving markets onwards and upwards, so this is just based on what I see and what I think... BUT as many bears have experienced in recent months and the impetus of the...

MarkLangley

I was doing some analysis in gold for MCW today and made the following observations. The first red box shows the first correction from the start of the move from the $1615 area, I have drawn the red box then on top of each other which is the same size, so if the first measured move holds $1903.38 area should hold and as you see that coincides which the moving...

MarkLangley

Just an update on an ascending triangle posted the NVIDA Quarterly results which has thrown the cat amongst the pigeons so to speak and the bulls ripping the face of the Nasdaq index in the last few weeks I have adjusted the lines but getting the same result from the last swing high/low Equities do like the 70.7% retracement so that targets 14930 !! my head...

MarkLangley

Earlier this week I posted the NQ chart which I am posting again Holding the same view but a good example of the battle we facing currently where the bears are seeing technical topping setups, cycles ending, stochastics topping momentum dying, and the squeeze keeps coming Been in this situation where you have a head and heart dilemma, the markets thinking that...

MarkLangley

So something needs to give NDX out of kilter with the rest of the market (ChatGBT?) and confirm what i just posted on the NQ daily chart with an ascending triangle

MarkLangley

Watching for a possible break lower in the NQ, WHY? Ascending triangle (bearish) MACD- Active divergence Wavy Tunnel Oscillator (courtesy of Jody Samuels) hovering at the overbought level since March, Opex Friday may be the catalyst. I know the sentiment seems bullish and market-pushing but I follow the technical outlook