Still bullish around here

Russell is looking very bullish here. It hit an internal resistance of the red rising channel yesterday which is the third line from the bottom band. I expect a hit on the second line and a hard bounce to break through to new highs. Stop loss of this channel is around 939 today. 

I haven't posted on FTSE very often but I felt obliged to show the strong orange resistance today that broke down during the recent wild decline. I expect a hit and bounce back down initially. It may go back and break it up later as I showed with the blue scenario but it is a good shorting opportunity at the moment. The red scenario which is -considering the oversold conditions- unlikely in the short term calls for a deeper drop towards the blue support. The breaking of the blue resistance back in December 2012 was a text book break out with a very tight stop loss control. 

On GBP, the green declining channel is still in charge and there may be a final hit on the lower band before a break up. Until this channel is broken up long positions should be on hold.

In my last posts on Gold here and here, I first gave a warning and then delivered terrible news for gold bugs. That is still valid until we touch the blue support. It has dropped $150 since the red support is broken. The sheer selling power has left no chance for any reasonable bounce. I'm not sure at which level we will hit the blue support but I will be watching it very carefully. Around 1100-1150 would be a probable hit by looking at it.

The normal scale Gold chart shows the orange declining channel with clear internal resistance lines. We have just hit one internal resistance today. Given the extreme oversold conditions there may be a relief rally that would give a breathing chance to the unfortunate bulls. Hope it helps.