From the previous entry:
"It elected a Weekly Bearish back at 1275 and now we approach two
critical Weekly Bearish Reversals at 1201.50 and 1215.50. Electing both
should confirm that gold is headed to new lows in 2017 and that should
break the $1,000 barrier as the dollar still rallies."
From a new entry today:
"Gold fell on Friday to bounce off of our Weekly Bearish at 1201.50
stopping at 1201.30.
The technical resistance for a bounce now stands at
the 1231 level. The Daily Bullish stands back at 1231.50 level. We do
have a Directional Change coming into play tomorrow and the next
important daily turning point will be the 25th. The Weekly Bullish
Reversal stands at the 1270 level so only a weekly closing above that
area will signal a recovery. Otherwise, we still see new lows ahead. We
see this week as a reaction turning point and a choppy trend every two
SO, My understanding, and please comment if you think I'm reading this wrong.
He's referencing an array he thinks he has posted but I don't think he has.
When he uses reaction, he means a move that doesn't change the trend, which would be down.
Directional change doesn't mean exactly what it sounds like. It's a vague event.
This week is a turning point week in gold.
So gold should gain this week, but stay below 1270, maybe below 1231, and then continue back down next week, I suppose to that line below 1000 I posted recently.
I assume this is also his opinion on the stock price turning point? A counter trend bounce that quickly fades.
UPDATE - So I'm going to go long for tomorrow and hope for the best. I think that it has a much greater than 50% to go up. I might also grab some FXE based on the recent weekly array. I think this also supports stocks going down for the week.