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Let's review the weeks market movement and see what is likely to happen next week.
NASDAQ -We still haven't dropped into our ICL, but you can see that the NASDAQ has basically gone sideways all summer. Price is where it was in May. Is this reversal ready to move price higher out of this consolidation?
Well, we are within the timing for a DCL on the daily charts, but look at that lower indicator on the above NASDAQ chart. This sideways move has internal weakness, so the next daily cycle could roll over too, if you buy the reversal here, use a stop.
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SPX - So the SPX has a swing low in place, and the timing is right for a dcl, but at the same time, we are overdue for an ICL and this drop did not fit that definition. The SPX was rejected at the 50sma and it is good to note that a drop to 2400 now would give us a failed daily cycle and begin to fit the criteria for an ICL drop. A break above the trend line overhead would signal that we do have a dcl already in place and confirmed.
Read More Time for what? The clue is in the picture, and we'll discuss that after a brief review of the markets.
USD - We were due for an ICL and not just a dcl in August, but so far this low is acting just like the other dcls, and they rolled over after going sideways for a while. If this drops and rolls over, I feel that Gold will POP and RUN higher.
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