Hold Your Powder Dry – The Market’s Compass Technical View

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Keep Your Powder Dry. Aside from four intra-240 Min violations the series of doji (candles) are valiantly holding TDST support at 60,500 but price has not be able to retake the ground above the Median line of the newly drawn Standard Pitchfork (gold P1-P3). The current oversold condition could lead to a short term bounce but the impulsive nature of the selloff from the gold P3 high suggests more work to the downside is ahead. Only a rally above the Lower Parallel of the Schiff Modified Pitchfork (purple P1-P3) would suggest otherwise.

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