I agree with you on gold that we may have started a new intermediate cycle. The strong rally out of the low makes me lean towards that conclusion. There is also an inverse head and shoulders pattern that gold just broke out of and is currently back testing. If the back test is successful, pattern projects old high of 1924.
Regarding S&P, the doji candle today might indicate that the daily cycle has topped for now. Will need to watch a few more days to determine that. If so that would be a left translated cycle which means risks are more to the downside.
I agree with you on gold that we may have started a new intermediate cycle. The strong rally out of the low makes me lean towards that conclusion. There is also an inverse head and shoulders pattern that gold just broke out of and is currently back testing. If the back test is successful, pattern projects old high of 1924.
Regarding S&P, the doji candle today might indicate that the daily cycle has topped for now. Will need to watch a few more days to determine that. If so that would be a left translated cycle which means risks are more to the downside.
Gold is interesting, we might break above the all-time high in a couple of years. S&P futures look good, they are currently about 1% up for the day.