This technical analysis pattern, the Eiffel Tower, is inspired and credited to the author at http://blog.kimblechartingsolutions.com/

The fall of gold after a parabolic move up will follow this pattern dropping all the way down to 1600-1500 dollars per oz. Simliar to the performance of NDX, silver and many other bubbles, parabolic up means parabolic down.

measured move is 1173 on the /es. If we do retrace, its 1144, which is the overnight low.

I shorted the /es on the first 5minute bar after the tick failed to reach over +700 on strong internals and strong breadth early this morning. In addition, if you look at my prevous post, it has hit resistance at the lower trending channel on the longer time-frame.

My stop is at 0.3% ATR of the daily 10 day moving average. A 5minute close above 1150 would take me out.

Target 1100 on the SPX. This is clearly a downward channel. People trying to buy up this double bottom before the market falls off another cliff.