Jnug to Gold Nov 11 "Preparing for launch"
Daily chart
WOW! what a drop! And with a pretty strong close. Huge sell volume. But my $6.35 buy order did not get filled yet. So I am going to wait. Look at the oscillators and compare them to the October 5 - 7th price action. Hints that we may hit that line at around $6.25. And the COT report cut off is this coming Tuesday so we could bounce and then drop or just drop. However, we have a possible bear flag on the 4 hours chart. Spot gold also shows more to go. I think we will get down to the 1213 range for spot Gold. There is an ascending neckline at that level. I really believe that after this upcoming nice long pop (see chart) that this is going to come crashing down like the chart shows. As a matter of fact, today Larry Edelson expressed concern about gold being able to break out. And suggested that it could create what he called a cycle inversion, sending gold down to a low in January. Hmmmm, that's what my chart has been showing for a couple of months now. Time will tell but it sure looks that way. And Gary Savage is just pissed at all this dumping. I dont blame him. I am too. I do not see us making new lows with spot gold (I'll post my chart to show you all why). It seems as though we will get down to the trend line at $1115 range by late January 2017. I am not sure if this would cause a reverse spilt for Jnug or not. Maybe we will just get down to a price under $4 by then and start this real bull push all over again. You see, we are either in a large corrective wave 2 or more likely (IMO) in B of the ABC correction. Think about it for a sec. We are just coming out of a long bear market. Isn't there supposed to be the ABC correction? I say yes. This would also explain why soooo many senior analysts are guessing wrong as of late, about gold. If this is an ABC flat correction, then we would come down to near the bottom from 2015. Make sense? So stick with folks. Stay focused and don't get tooo discouraged if you took in in the shorts like so many have. After all. WE HAVNT SEEN NOTHING YET!
I'll post the spot gold chart next.
On a side note, it's not looking like we will make it up to the $22 range again this year. Also, Ill be expecting some nice gap ups once this thing turns around. And I don't this they will be break away gaps.
WOW! what a drop! And with a pretty strong close. Huge sell volume. But my $6.35 buy order did not get filled yet. So I am going to wait. Look at the oscillators and compare them to the October 5 - 7th price action. Hints that we may hit that line at around $6.25. And the COT report cut off is this coming Tuesday so we could bounce and then drop or just drop. However, we have a possible bear flag on the 4 hours chart. Spot gold also shows more to go. I think we will get down to the 1213 range for spot Gold. There is an ascending neckline at that level. I really believe that after this upcoming nice long pop (see chart) that this is going to come crashing down like the chart shows. As a matter of fact, today Larry Edelson expressed concern about gold being able to break out. And suggested that it could create what he called a cycle inversion, sending gold down to a low in January. Hmmmm, that's what my chart has been showing for a couple of months now. Time will tell but it sure looks that way. And Gary Savage is just pissed at all this dumping. I dont blame him. I am too. I do not see us making new lows with spot gold (I'll post my chart to show you all why). It seems as though we will get down to the trend line at $1115 range by late January 2017. I am not sure if this would cause a reverse spilt for Jnug or not. Maybe we will just get down to a price under $4 by then and start this real bull push all over again. You see, we are either in a large corrective wave 2 or more likely (IMO) in B of the ABC correction. Think about it for a sec. We are just coming out of a long bear market. Isn't there supposed to be the ABC correction? I say yes. This would also explain why soooo many senior analysts are guessing wrong as of late, about gold. If this is an ABC flat correction, then we would come down to near the bottom from 2015. Make sense? So stick with folks. Stay focused and don't get tooo discouraged if you took in in the shorts like so many have. After all. WE HAVNT SEEN NOTHING YET!
I'll post the spot gold chart next.
On a side note, it's not looking like we will make it up to the $22 range again this year. Also, Ill be expecting some nice gap ups once this thing turns around. And I don't this they will be break away gaps.
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Spot Gold Daily Chart
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GDXJ Daily Chart
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Dollar daily chart
Dollar looking like its running out of steam
Dollar looking like its running out of steam