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Good morning,

The cycle turn came right on schedule and it looks to me as if we will see lower prices until around the 8th at the least. Today is also Non-Farm Payroll day, which usually causes a lot of volatility. The Map points to lower prices as well, and I have a sell signal in the OEX, and I am staying short the DAX, which was shorted yesterday.

Here is the Map for today:

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I can't rule out the Map will inverse, but I certainly already have a sell signal in the OEX as well as the DAX and the FTSE basis the cycle turn I warned you about yesterday morning. The OEX chart looks like a pattern wanting to retest the recent lows. It will be the third test, so the rule of 4 does not apply yet.

click to enlarge

The chart of the day is the GOLD chart. This is a very powerful pattern which work on both intra-day and longer term charts. It is called a 1:1 or 100% extension. Gold is going to hit this price target at $578 basis the April Gold futures and around $575.80 in the cash market. This could have a major implication on the gold stocks as well. I am going short today with a 4% stop. Thank you to Larry Pesavento for the thumbs up on this trade.

click to enlarge

Incidently Larry Pesavento is coming to London on the 15t April to teach his methods. I will keep you posted on this.

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Have a nice weekend.

Tom