weekly chart posting for 24-28 Oct 2011

Hi everyone,
First of all gold indeed dropped off its pattern, from what i saw last week, anyway it seems like a rising wedge which broke its pattern rather than a ascending triangle. Anyway with that gold had found base at 1600-1610 and refuse to go lower instead it shoot up. Gold to me might be testing 1650,1660 fibo retracement lines again, if bullish (happens if dji rally higher) will break up and we shall look at fibo extension lines instead. Recently i have also observed a trend, take a look at your gold and dji movement, i realise that after a plunge of gold (more than or about $70) and when gold starts to bounce back with divergence..... Be ready to see a big pull up by dji. that's what I saw last week and compared with subsequent weeks ago data.

Nonethless a big rally by DJI and it broke the short term downtrend line!wow...killed a lot shortist i think (now walking around without underwear)... It has been too volatile to trade and it is basically trading with bad and good news so i didnt really traded last week and also due to loads of work to be done at work~ :(

I be watching dji closely as it is approaching 11885 (38% fibo) levels and 11940 region, which is the support turn resistance. I also noticed that the price action in dji had broke a falling wedge. The pattern is more of a bullish strength pattern, thus be careful. I guess dji shd be halt briefly by 12000. We shall see.

Next looking locally sti blue chip, sti should be strong if it were able to stay about 310-11 range but it will face first a strong resistance at 320 when 314 were broken.313 is a 50% fibo which in my opinion is safe to enter a long if it were to be retested and stop loss can be placed at 309-08.

Last, on the list is oil. Oil had retraced from the high and hit the 61.8% fibo line and rise up on divergence of price and indicators (hourly chart). I will look at 8900 as it was a recent consolidation zone.Take note of the Uptrendline of crude oil might resist the up movement of crude oil in recent period.