Elite Swing Trades

[SwingKing]

Weekly Update 4-6

US Dollar: We're seeing a 4th wave correction and that is no doubt contributing to the recent bullishness we're seeing from commodities. It should continue lower for now but the top of my target area is $95 so I'd keep an eye on that area. I'm hoping for lower and we could see as low as $92 but when this finally decides it's done with the retrace I have a feeling commodities could be close to finishing their current move.

Oil: While I'm not absolutely sure about right now I have to take a bullish approach given what I'm seeing bigger picture. If everything else is to go the way I expect then I'm pretty sure oil should head higher. So if support at $47 holds I'm still looking for a move to $60.

Nat Gas: We had two resistance levels broken but until $2.733 breaks we can still see $2.55. If $2.733 breaks it'll be hard to argue that we don't have a bottom and once that becomes clear we could see heavy short covering.

Uranium: It seems to me like no one cares but I certainly do so I'm including this in my weeklies. SO far I'm seeing URA hold the LTL on the daily however one more dip below $10.14 or may even $10 could be in the cards. I would suggest you guys keep an eye on this because it's at a multi year low the the charts are forecasting and major bottom.

Gold, Silver, GDX, GDXJ: Bottom line is I'm looking higher and any dip is a buying opportunity IMO. Remember that the 2015 highs are the target but I'm going to bail at the top of whatever this next wave higher turns out to be.

SPX/ES: What I'm getting ready to say my shock a few folks but I'm not changing my call from last week or the week before or whatever it was. I'm looking for 2020 with a chance we break 2000. While I think our chances at breaking 2K have improved I'm not going to base any of my entries on it happening. I seen Fridays futures drop but like I said then it didn't change the chart. If I'm wrong I'll be the first to admit it but for now that's my story and I'm sticking to it. I also still think that as soon as we bottom we'll start heading higher and will eventually hit that 2150 target I've been talking about.