Day trading pre-market open April 16, page-2

Very brief notes as I am really pushed for time but this week’s action demands attention.

In my notes earlier in the week,  my “risky call” was for markets to make a new high for this move to complete the fifth wave of an upslanting wedge pattern.  This has happened almost too perfectly (I always worry when things are too perfect because the market Gods don’t like that) across many sectors and indices around the world.

Perhaps there is still time for further attempts at making higher points in this pattern but once we see a break to the downside, then the next leg of the bear market will be underway.

In our market the banks are dragging again but the XMM and XMD have completed perfect upslanting wedges.

As well it looks like I am getting the correction I wanted in gold.  It just got a bit overbought.  That game is not over.