Here is the update of my recent charts for gold and rates:






Interestingly they share pretty similar characteristics:
- both issues were recently rising strongly which may seem contradictory, but as Jim pointed out might suggest inflation expectations
- both reached 1.27 external retracement of their respective smaller Kane patterns
- in both cases 1.27 retracement of their bigger Kane patters is still much higher what suggests that gold and rates should continue to rise together for some time to come

Now, don't get me wrong, I am not top picking here, only saying that if they wanted to come back in a bit, they couldn't pick a better spot than right here. Notice INTC gapped right to my area, then came back in a tiny bit. But I think in this meltup the best we'll see is a slight hesitation at key areas for like 2-3 seconds. Glad I know enough to go with the trend.

How the heck does he do that???

Keep an eye on this .300 at line convergence here for a clue as to what they intend.

Careful, those MRRD's may want to explode it off this area.

They are being rather obvious about things today, wouldn't you say?

I would still be cautious in here:

Yes, this additional 1.272 push on the 3-min puts this deep into the area, and just about at the 100% IB. But panic meltup is a unique mania, and it can push things well through any area. It's good to be on the right side of the trend. At some point, though, they must come back in, at least a half a point I'd think. I mean, come on MRRD's, let those bears have a half a point, okay?

Originally posted by jimkane

... I mean, come on MRRD's, let those bears have a half a point, okay?

It is usually close to the reversal point when one side of the market becomes subject of jokes ...

Good point.