On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $605.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $441.3 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far.
On a shorter-term basis: We have seen $85.7 of the short covering warned about above the $1,690.3-$1,691.0 area. We came 8 tics shy of the $1,705.4-$1703.4 area on a correction against the move up with a $1,706.2 low and have rallied $68. The decent trade above $1,747.9-$1,748.1 projects this upward $26 minimum, $86 (+) maximum. We have attained $30.9 of this. Decent trade below $1,741.7 (+2 tics per/hour starting at 8:20am) will project this downward $43 minimum, $54 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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