Welcome to the video update for Thursday, October the 22nd. First chart up is the weekly gold continuation chart and so far this week is an inside week. Last week was a doji so keep an eye on this week’s close. Measured move target remains at $1320/oz.
In the Canada, Trader Rick shows price in the buy zone on the daily chart. The 9/30 long entry is given. Note the support level.
Next chart up is the weekly crude where price is moving out of an ascending triangle pattern. Next target to the upside is the .500 fib level just above $90. Today was the 6th day in a row with price trading outside the upper keltner on the daily chart. Implications are bullish in the near term.
Trader Rick shows the weekly euro currency chart moving higher this week. Next target to the upside is the 1.27 fib extension of the ab=cd pattern. Dialing down to the 60 minute chart, price is in the buy zone as of the production of this video update. Possible slingshot on this timeframe.
Prices in the indexes started out as a potential trend day up but after trading sideways most of the mid-session prices moved lower, ending the day on the downside. Trader Rick reviews the 15 minute, the 60 minute which had a 1-2-3 pattern as well as the daily and weekly chart. Watch the close this Friday.
Good trading!
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