For a different perspective, I wanted to look at-GLD using a Kagi chart.
The Kagi is a chart used for tracking price movements and to make decisions on purchasing. It differs from traditional charts such as the chart by being mostly independent of time. This aids in producing a chart that reduces random noise.
Due to its effectiveness in showing a clear path of price movements, the Kagi chart is one of the various charts that traders use to make better decisions about price direction. The most important benefit of this chart is that it is independent of time and change of direction occurs only when a specific amount is reached.
The Kagi chart was originally developed in Japan during the 1870s when the Japanese stock market started trading. It was used for tracking the price movement of rice and also was used in determining the general levels of for other assets.
My opinions: this chart is very similar to the-candlestick-GLD chart I published a few hours ago.
1. The is rising. 2. GLD-Kagi Prices have risen above the cloud. 3. Prices are above the thick red Conversion line. 4. The thick red conversion line is also rising in a bull trend. 5. The thick black line is the Ki jun-Sen baseline of the , which is rising and above the cloud. 6. The indicator on the top of the page is / , and this different from the chart, it is strong-reversing off its top. 7. The top middle indicator is and it is strong (green over red). 8. The Top (bar-type) indicator measures the "phase energy" of-GLD , and this is EXTREMELY STRONG. 9. The green arrows are up (not shown). 10. Look to the far right on the chart, around $125. You will note a yellowish line on top (lips), with black dots below (teeth), and a blue line (jaw) below the black dots. Now, all three are open, correct? This is where I ask you to use your imagination and envision these three items as the "open jaws of a feeding which is in an uptrend." (This is different from the chart in which the jaws are closing).
Yes, there are slight differences in the Kagi chart vs. the , but both indicate strong up-trends in gold-silver-and metals in general.
Here are three more Alfred E. Neuman quotes:
1. "Smoking helps you lose weight -- one lung at a time!"
2. "Today, if you ask a car dealer to let you see something for 10 grand, he'll show you the door!"
3. "Medical insurance is what allows people to be ill at ease!"
Good luck to you. Don.