Welcome back everybody! I just returned from my longest holidays in many years. And it looks like the best trading action of the year started just after I left and lasted for whole that period... Coincidence? :-)
Fortunately charts tell us, that it should last for at least some time to come:

We have a big bearish KZ 4PT suggesting that some serious downside action might be still in front of us if the Jul-Aug drop was just W1 of much bigger drop.
In case if Aug 8th bottom was already it, we have a ... bullish W2 4PT pointing to some relentless upside in the coming days:



So there should be a W3 starting next week, the question is in which direction? :-)))

Short term action favors the bearish scenario above in my opinion:



Friday's bullish ABCD played in one straight shot right to the GZ and some important downsloping lines. That usually suggests, that ABCD may fail and I'll be playing for this unless the Thursday high is taken out.

jarek,

Welcome back.

Al Kamego

Yay, Jarek is back. Now we can have charts for a lot of the things I point out.

I wanted to post this, for fun, right after the futures opened. But, I didn't, as I sometimes wonder if I shouldn't post my snide little comments. Anyway, I wanted to say 'The futures opened and are selling down. Like they aren't going to go up. Right.' And, all of the sudden, they come in for them and it shoots 7.50 points straight up, going deep into the green. I wish I would have posted that. It only points out that I know the games these characters like to play. Maybe now they bring it back down, now that they have the momentum longs in, and the early shorts all covered. Who knows. I just 'knew' they'd want to game those sellers.

Nice analysis, jarek. I'm leaning heavily towards the upside scenario myself.

Yep - looks like ES wants to break through its overhead resistance here:

Looks like a shallow 4PT on gold

Shorts must have not so pleasant ride today. Not even a sign of hope so far...



Friday's bullish ABCD played out fully to 1.128 and .886 of the preceding drop

Gold dropped like a rock ignoring my 4PT
If KZ is going to hold it will have to react off the lower area on the chart. But proportion the of correction isn't promising.

finally...