
We might need some more consolidation just below 80.40, but as I said it's just a matter of time before it breaks.


Only a clear break above resistance at 78.15 will confirm, that an important bottom is in place at 75.50.

The longer term picture (see below) is still dominated by the major S/H/S top calling for a return to the at least the 2009 lows.

Shanghai Composite - I still see this as an ending diagonal, where we are missing the last leg down towards the 2,110 area, from where a correction higher towards the 2,239 area should be seen.


Short term look for a break below 2,171 to confirm the last leg down.
Gold - Made it down to my target area between 1,528 - 1,535 and we should now see a correction towards the 1,613 and more likely towards the 1,636 - 1,642 area, before the next challenge of support at 1,528 will be seen.
Crude Oil - Is setting it self up for a powerful decline towards 92.80 and lower. At the chart above we can see an interesting fractal in the MACD, which calls for an extended period in the oversold area calling for a powerful decline. The last time we saw this, crude oil dropped more than 5% in one day, so be very careful in these lofty areas. Short term I do look for one last move to just below 101 - Ideally 100.96, which should mark an excellent selling opportunity


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