Correction Approaching

PAAS (Pan American Silver Corp)

PAAS is in the same relative technical position as GDX and is probably not ready for an important correction until it breaks below its primary trend line, followed by a break of the 50-dma. That risk does not appear to be imminent, while additional upside progress is still possible over the near term. Long term, both have much higher price targets. 

BNO (U.S. Brent Oil fund)

BNO is currently hovering between support from the 50-dma, and resistance from the June 2017 low. With its current P&F “base," it could extend its move to ~14, but would have to create a larger accumulation pattern to be able to extend its uptrend higher.  

Summary

SPX looks ready to complete the structure that it started building from 2965. Some time around the middle of the month would be a good time for completion before a retracement into the cycle lows. We are getting closer to the cycle cluster, which lies directly ahead, as well as the price target for this move.

These conditions should result in a two to three-week correction, which could start by the end of the coming week.  

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(Charts courtesy of QCharts).

Analysis of the short-term trend is done on a daily basis with the help of hourly charts. It is an important adjunct to the analysis of daily and weekly ...

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