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ES, GOLD, CRUDE

10/17/2011

9:07EST

ESZ11:

We finally reached a Major (minor/major) resistance level (1230.75); the first such occurrence since the first low at 1070.75 on 8/9; it took nearly 2 and half months. Never the less this pullback/correction is profoundly important to determine the next step/phase.

I strongly recommend those traders long any equity positions to take half off the table, or more.

1210.75 and 1207.75 are key pivotal support levels, although 1230.75 is a major resistance level and 1210.75 and 1207.75 are minor support levels, therefore highly doubtful we find support at these levels;

the nearest Major support level is at 1165.25 (major/minor)

As I mentioned several times before until we reach 1230ish, all upside movement is sheer speculation, now that we reached it, we should have a clear indication within a few days how high up we reach, before heading down to 975.00

 

Crude:

Immediately down to 86.14 and much lower

We’ll see what happens at 85.40

But looks to me more like 83.77 to 83.64

 

Gold:

Clearly the wild card

In another 90 minutes we’ll have a clearer picture