Welcome to the video update for Wednesday, November the 11th. This update will cover the daily gold chart and the stock indexes. In gold, Tuesday put in an inside day, indicating hesitation. The question is, will gold continue higher or retrace the recent gains. Watch Wednesday’s close for your clue. Trader Rick is watching a 1-2-3 pattern in gold. Watch to see what the targets are IF the pattern unfolds.
In the stock index futures, Trader Rick puts up a YM and an ES daily chart side by side to illustrate a current divergence that may be noteworthy. See which market has the current strength. Next chart up is the ES 240 minute chart and we are watching a possible ab=cd pattern. The D target is shown if price continues higher. If price puts in a lower high then we will be watching another ab=cd pattern to the downside. An ab=cd pattern to the downside is a bullish pattern.
Wednesday is Veteran’s Day in the US but the markets will be open. We salute all the military veterans in the US for their service to their country.
Good trading!
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