What the market did is it was running day after day six days in a row over the upper Bollinger Band, it pulled back and now it's in that consolidation phase.
The pattern is one of higher lows, we've had higher highs at this point. The market hasn't tried to make a run back to the 18-day average for the main support.
So far we're down 1% for the week okay? It's $22. You're down a percentage point. You can see how the market made a short-term trading top right through there.
Should I see further evidence over the coming weeks, then the probabilities rise quite dramatically that we could see a 25%+ stock market decline in 2024.
You can see how the market exploded from the downside and went into what we call a vertical price move, these are sons of guns to catch especially if you don't have an uptrend in place but you do have one.
With gold $2,200 in sight, the next stop above that level could be $2,300, which is our minimum target. It could mean a temporary top from $2,250 to $2,300.
