MBO Issue 34 (Oct 2014) S&P Yearly Upside Objective Reached
- Euro Counter-Trend Bounce Is Due
- S&P Classic 10% Up Finished Right On Schedule
- Gold Potential Reversal In The Making
- Big Picture Summary
Euro flushed but no bounce from the potential bottom zone between 1.30 and 1.315. Stops and panic sells were triggered leading to directional melt down below 1.26. Easy ride continues.
S&P started its wild swings as described last month. As of Oct 1 morning, SPX moved below my 1960 minimal downside target on daily. All those hard squeezes on the bears in September failed to hold S&P.
The bearish formation in Gold was confirmed by its failure to hang onto its declining support line and dropped near year low.
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