Welcome to the video update for Monday, October the 5th. Trader Rick will be travelling this coming week and will resume his video updates on Wednesday, October the 14th. If any significant setups take place please look for an email rather than a video update. First chart up is the weekly gold continuation chart and price has tested the $1033 high made in early 2008. Will this be a lower top? Or will price push thru? There is the possibility of an inverted head and shoulders which projects a target of over $1300/oz. The daily gold chart shows current support and overhead fib targets.
On the weekly crude chart, last week was an inside week. Initial support comes in at 65. The daily chart shows a possible triangle. Check out the fibs on the weekly chart for downside support if we move thru the $65 level.
Trader Rick updates the weekly Canada chart with the possible dragon pattern. Is it still in play?
In bonds, price last week moved thru the 121 ^13 level. See what pattern Trader Rick is now looking for.
Now that the euro has reached the D target of the ab=cd pattern on the weekly chart, whats’ next? Look at the 13500 volume chart and see why it is important to keep an eye on the larger timeframes and the importance of managing risk.
The final charts are the NQ, S&P cash and the ES. See what Trader Rick is watching on the indexes this coming week.
Next video update will be October the 14th. Good trading!
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