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And SCO.

This morning USO has declined below the 11/13/09 low, making a new lower low. It has also fallen below the lower parallel trend line shown on the chart. The price should retest the 34 price level at the minimum. http://www.etf-techncial-analysis.com/uso.html

TMF and TMV

I stated in the last update a strong case for a top using Elliott Wave analysis. I also stated that there was an incomplete A-B-C wave correction. Now I want to make a case that the A-B-C wave correction is complete and a major move down in wave three is expected in the next couple of weeks...

DUG had a somewhat choppy decline from the 10/21/09 low, which would have one conclude that the price action was corrective. However, careful analysis of that wave structure using a 60-minute chart does show an impulsive five-wave pattern. Another hint is the thirteen waves up to the 11/3/09...

USO has been trading sideways since 10/28/09. The price action is very choppy with overlapping waves. One thing I do want to point out is the fact that Oil has been in a corrective pattern since 2/9/09. That is a very long correction. Just remember that the main trend is still to the...

I am not trading futures. I am trading ETFs. ETFs have support, resistance, and chart patterns due to the participants trading the market just as it does for stocks, futures, or real estate. It is best to compare oranges to oranges.

XLF has found itself in a critical juncture. I have given plenty of reason for a top in the last post. Now I will give the critical levels that would confirm a top in XLF is complete. I stated in the last update a strong case for a top using Elliott Wave analysis. I also stated that there...

USO is still struggling to get above its 233 EMA. It has actually come down from that resistance since the last update. There are reasons to believe that a change in trend has taken place. As just mentioned, USO is falling away from its 233 EMA. It tested with the island reversal...

DUG has dropped to the 78.6% Fibonacci retracement level of the move from the 10/21/09 low to the 11/3/09 high. The next couple of days will be critical for this fund. New recovery highs or new lows will be determined very soon. If a change in trend is taking place, the price must move...

You may be right. However, with all the ads on CNBC telling you it is time to buy gold and every analyst on the Financial Networks telling you that gold is heading to 2000 because of future inflation due to the government stimulus, I have to be a contrarian. I do not believe gold is heading...

TBT has recently found good support at the 55 EMA. It has moved above it, back below it, and now back above it. However, this last move above the 55 EMA has held price up. The 13 EMA has crossed above the 55 EMA with today’s close, which indicates a change in trend. The next significant...

TraderSU, I am no guru, however, what I see is smart money coming into the dollar. UPP hit a low on 10/21/09 and the next five days saw a big increase in volume that pushed the price higher. On 11/5/09, volume went ballistic to over 13 Million shares traded. This pushed the price above its 55...

GDX gapped up at the open and made a new high intraday today, however, it closed near the lows of the session. GLD had the same price action. GLD has been riding inside a rising parallel trend line since the low in July. As you can see in the chart, the price is riding up against the top...

Plan, you may be correct. However, it is still a red flag and should put traders on alert. I am a technical trader and Gold has made higher highs and lows, which indicates the uptrend is in tact. However, GDX has broken below the previous low indicating a POTENTIAL change in trend...

We all know that Gold and Silver are both precious metals. However, you can consider Silver as an industrial metal because of its use in many consumer products. Investors in the past used Gold as a hedge against inflation or as a safe haven in certain economic conditions. There are two...

I have also been watching the divergence between GLD and GDX. Another significant divergence is that between Gold and Silver (GLD, SLV). I believe this divergence is not healthy for the future price of gold. Time will be the judge.

jedwards, I do believe that GLD is near a top and that TBT is headed higher. I may disagree with your fundamental reasoning, but I agree with the outcome. The outcome is what matters anyway. I base my projection on technical analysis. GLD has not confirmed a change in trend and is...