Update For: Thursday
Posted On: Wed, 30 Jul 2008 17:10:09 GMT
Last Price: 8075
Support: 8010, 7940, 7820, 7760
Resistance: 8090, 8185, 8260, 8355
ALERT: Dear Subscribers, Copper and Aluminum MAY have just put in primary-degree tops (July 17). It's a very important moment; watch my new video for details. -- Mike Drakulich, Metals Specialty Service editor. (Have Feedback? Use the Feedback Box below the video.)
Dear Subscribers, I am watching two very important indicators in gold and silver that could prove key for the trend from here. Watch my latest video for details (July 24). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the Feedback Box below the video.)
I've been harping on the importance in LME COPPER of this key test of the critical 200-day MA near 7820 - I don't do that "harping" for my health! Today saw almost a direct MA hit as prices bottomed at 7835 then reversed sharply intraday and got fairly close to the 50-day MA near 8185, prices closed near 8060 - a wild session. Was this a KEY reversal day is the huge question to ask. There is yet no easy answer but the odds of an important bottom possibly forming did imporve a decent bit today. A rally and close back above the 50-day MA would be an important event. I do view the decline from the recent all-time high to today's low a being corrective so far. Support at 8015 and 7940, resistance at 8090 and 8185. Mike Drakulich
I understand that the pages
that I am viewing by subscription or trial are copyright protected products of
Elliott Wave International, Inc. I understand that it is illegal to
forward or re-transmit these pages in any form without written
authorization. I also understand that I am prohibited from allowing an
unauthorized person to view part or all of these pages. I agree that if I
break either or both of these restrictions that I or my firm, as subscriber,
will accept full financial liability to pay the annual subscription price for
all additional readers or recipients.
The Elliott Wave Principle is a detailed description of how markets behave. The description reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific patterns in price movements. Each pattern has implications regarding the position of the market within its overall progression, past, present and future. The purpose of this publication and its associated services is to outline the progress of markets in terms of the Elliott Wave Principle an to educate interested parties in the successful application of the Elliott Wave Principle. While a reasonable course of conduct regarding investments may be formulated from such application, at no time will specific security recommendations of customized actionable advise be given, and at no time may a reader or caller be justified in inferring that any such advice is intended. Readers must be advised that while the information herein is expressed in good faith, it is not guaranteed. Be advised that the market service that never makes mistakes does not exist. Long-term success in the market demands recognition of the fact that error and uncertainty are part of any effort to assess future possibilities.
Elliott Wave International. All rights reserved.