Dow - Here is the 2008 analog that I have been tracking for the past few weeks:
Notice the similarities to the current movements in 2011:
And then zoom out to the larger picture:
Wave 3 black down could be a doozy. This bearish pattern will be killed if the Dow breached 11,370.
Now you might be wondering why I didn't start tracking the analog from the 2007 top. Let me explain: The drop from Oct 2007 to March 2009 was a large wave (1). The rebound up to 12,751 in July was larger wave (2). Now I think large wave (3) down has started, but since wave 3s are most often much stronger in conviction than wave 1s, I suspect that this wave (3) down is going to start off looking like the worst part of the previous wave (1).
Gold - Currently looking bearish after a failure to move above critical resistance and the 10EMA. A small 5 wave impulse down is likely to lock in a ST top at 1678. I expect 2 more legs down to complete a 5 wave series that should retest and possibly exceed the low at 1532. But this low could finish the bearish pattern since 1912, possibly providing a major bottom.
Silver - Still looks ST bearish while below 31.50 and the 10EMA (currently 31.75). A retest of the lows at 26 looks likely while below those levels. But it's very possible that this is a major low.
USD - Making odd EW patterns, so I always fall back on the 3/10/20 ribbon. The trend still remains bullish while daily closes remain above the 10EMA (currently 78.45) and intra-day remains above 77.50. Sinking below those levels suggests the uptrend is jeopardy.
Good Hunting.
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