Look at the volume pattern on a QQQQ 1-year daily chart, then on an ES daily 1-year chart. We are seeing volume that we haven't seen since March 2009. I don't think this is bullish.
At the end of a major down move, you will see big volume bars. Normal. It's a selling climax. Similarly, at the end of a major up move, big volume bars signify a buying climax.
ES:
Bottom at 1060-1070 ES. 50% (or thereabouts) retrace, then down to 1030-1040 ES.
Gold
Bottom at $1075 or so. This is a fall of about $150 from the top. 50% retrace is 1150. We should retrace to around $1135-1140 at least before any correction.
Silver
Silver fell from $19.57 to $16.07 (if the fall is over, as I assume it is). 50% retrace is $17.82 at least, but probably up to $18.30 or so (where it will meet a falling trend line) before correcting a little.
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