This is a brief update. I acknowledge it is silly to project the pattern that the market will trace. If I were to do some wishful thinking, then it will be an ending diagonal triangle like what is shown on the chart. Take care. Ramki 
On 16th October I wrote that one could double his/her money by buying Citi in stages from $11.80 down to $10.40. Today, I came across this funny (old) quip about how to easily double one’s money, and decided to share it with you:
“The quickest way to double your money is to fold it in half and put it back in your pocket”- Anonymous
But seriously speaking, here is the chart of Citi again, 
and I am going to put my buy orders in 2 lots as discussed earlier. Ramki
I believe we will reach 1140 in the NASDAQ not too long from now. Not only is that level a 161.8% projection of Wave A computed from the top of Wave B, it also coincides with a projected target for the 5th wave of the C wave. Trader Mike had suggested that we could be forming a symmetrical triangle pattern, which means the next leg down will come once the triangle is resolved. However, it looks to me like the index has posted two lows about the same level (actually the 2nd low was a tiny bit lower than the first). In the big picture it hardly matters whether this is a symmetrical triangle or not, because we agree on the direction. Also, trying to predict the path of a move is downright risky. Most successful traders don’t care to ‘predict’ how a pattern will evolve. They take buy and sell signals at levels which suit their risk appetite and when their system says ‘go’.
Nasdaq
However, it is often useful to have a framework with which to trade. For example, if we go lower to 1140, and the market seems to pause there, I might take back any shorts I have because my wave analysis considers the possibility of a recovery before down again. Anyway, here is your Nasdaq chart. Study it and learn by comparison with actual fact after the moves take place. Best. Ramki
A couple of days ago, I tempered my bearish view on Gold by presenting a 30-minute chart. The sideways movement appeared to me as the beginning stages of a complex correction. Unfortunately, while the correction was “complex” in text-book terms, it didn’t quite recover sufficiently to give us another chance to shout “sell”. This is typical of complex corrections. It could take any form and turn with a speed that catches even an experienced trader off guard. The complex pattern that Gold traced was a symmetrical triangle. Here is the chart, with some comments written on it.
The gold rush for the exits
Readers might be interested to visit the widely followed blog of my friend Michael Seneadza. Trader Mike has recently been observing a potential symmetrical triangle pattern developing in Nasdaq and the SNP500 index. Here is the link to his post. I have posted my views on Nasdaq separately. Trader Mike has been publishing for several years and has some interesting ideas. Enjoy.
The sharp sell-off in GBP/USD this morning was on the back of comments from Bank of England Governor Mr. Mervyn King that the UK was probably entering recession for the first time in 16 years. The high for Sterling yesterday 21 Oct was 1.7198. The low today (so far) is 1.6199. That’s an incredible 10 big-figure range in the space of under 48 hours. However, the selling is not finished. I doubt if we will stay above 1.6450 for long. The price as I am writing this is 1.6440. I prepared some charts for my clients earlier today and I share that with you. Take a look. They were prepared for finance managers with long-term exposures. (If you are a short-term player, perhaps you should try selling a small amount near 1.6480 with a nearby stop) and look to take profits below 1.6100. 
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