In my last week post, I said watch out 7/7/06 as a tuning point, now it look likely last Friday(7/7/06)'s high 640 which is 50 % retracement from 732 to 547 will cap this rebound.
On time analysis, watch out two key pivot timing date is around 7/7/06 and 7/19-7/21/06 for turning point
本人在七月初的二次发帖都提到以上二个关键时间转折点, 并认定黄金在七月会有一个调整期, 原以为7月7日黄金640会是七月头部 ( It did pullback to 620 for two days), 但是没想到印度大爆炸和中东局部战争trumps my analysis. However, an aberration in the gold market did not go too far and soon back to its own path which sold off quickly to 600 around 7/21/06. Today it rally up to 660 ( Dec gold future) after July bottom around my date, almost 10 % gain in only a week time frame.
For NDX and Nasdaq, both made bottom exactly on 7/21/06. Last week, S&P 500 has its best week in over three years as well as Dow Jone Industrial Average index.
