Jnug to Gold "Everything is moving according to plan"
Jnug Daily Chart
Well that move down this morning hit my target perfectly and bounced. I am wondering, however, will it drop just a tad bit more to touch or even intraday overshoot the 10DMA. We did not hit it yet. It turned down as price dropped today. And the 20 DMA is screeming downward. I feel we will be squeezed in between the 10DMA and 20DMA for next week. I think that early the following week, jnug will breakout of that sqeeuzed zone and move to the upside for a jnug Wave c move.
As you people may have noticed, jnug and Gold are not moving up as powerfully as the last two hikes. This move is not finished yet and I may be speaking too soon but I am getting that sense. It is almost as if the hikes are losing steam. However, I am still counting on a C wave move up to the $9.63 range and possibly only making there on one day with a daily close below the 50 DMA. As you can see, I have attempted to project the possible path for the 50 DMA and it is right below that target area.
Otherwise there is really not much to talk about. Everything is moving according to plan as I saw it. I post my gold chart next. And by the way, gold closed below the 20 DMA. No Juice? hmmmm?
Well that move down this morning hit my target perfectly and bounced. I am wondering, however, will it drop just a tad bit more to touch or even intraday overshoot the 10DMA. We did not hit it yet. It turned down as price dropped today. And the 20 DMA is screeming downward. I feel we will be squeezed in between the 10DMA and 20DMA for next week. I think that early the following week, jnug will breakout of that sqeeuzed zone and move to the upside for a jnug Wave c move.
As you people may have noticed, jnug and Gold are not moving up as powerfully as the last two hikes. This move is not finished yet and I may be speaking too soon but I am getting that sense. It is almost as if the hikes are losing steam. However, I am still counting on a C wave move up to the $9.63 range and possibly only making there on one day with a daily close below the 50 DMA. As you can see, I have attempted to project the possible path for the 50 DMA and it is right below that target area.
Otherwise there is really not much to talk about. Everything is moving according to plan as I saw it. I post my gold chart next. And by the way, gold closed below the 20 DMA. No Juice? hmmmm?
Comment:
gold chart
Comment:
Monthly Gold Chart "bearish scenario"
This bearish thought keeps plaguing me. Special attention to the RSI divergences.
This bearish thought keeps plaguing me. Special attention to the RSI divergences.
Comment:
Sorry for all the one line updates but I forgot something. I also keep looking at RSI for 2013 vs end of 2015. If we are starting the so called greatest gold bull run ever, shouldn't the RSI have dipped to way way over sold like 2013. But we did not. It got shallower.
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Daily Gold chart
last update for this weekend, I promise.
Until gold price breaks above that very bold blue downtrend line on the daily chart, no one can say for sure that we are in a gold bull market. Once that happens, then I would be 99% sure it has started. I say 99% because for 100% I would need to see gold break above the 2016 highs as well.
Ok that it.
last update for this weekend, I promise.
Until gold price breaks above that very bold blue downtrend line on the daily chart, no one can say for sure that we are in a gold bull market. Once that happens, then I would be 99% sure it has started. I say 99% because for 100% I would need to see gold break above the 2016 highs as well.
Ok that it.
Comment:
Jnug - minor b wave zig zag in progress?
Was today the zig before Jnug finshes the minor "b" wave down. As I write this, I noticed that gold has turned down. So if Jnug is ready to move down, and gold moves down then we could get a big swift move. I am not super worried though because I know it will head back up after a couple days. But one thing to note, I measured the down move for the two previous days. I moved that blue line down to start at the location where the 20 DMA is for tomorrow. And the line reached all the way down to the bottom Orange line. If my thought is correct, then we could see a swift move down for Jnug to the $5.60 range before starting the "c" wave back up. THEN.....I measured the "a" wave move we had the previous two weeks and moved that blue line to the bottom of the orange line and as you can see, it surpassed the top orange wedge line. So I am still not sure if the top orange line is relevant but there you have it. Lets see how this moves tomorrow. If this works out then I will be buying Jnug at the $5.60 range and hope that price will move up to at least the upper orange line around $8.35. That would be around a 53 - 55% move. I'll take it. GL
Was today the zig before Jnug finshes the minor "b" wave down. As I write this, I noticed that gold has turned down. So if Jnug is ready to move down, and gold moves down then we could get a big swift move. I am not super worried though because I know it will head back up after a couple days. But one thing to note, I measured the down move for the two previous days. I moved that blue line down to start at the location where the 20 DMA is for tomorrow. And the line reached all the way down to the bottom Orange line. If my thought is correct, then we could see a swift move down for Jnug to the $5.60 range before starting the "c" wave back up. THEN.....I measured the "a" wave move we had the previous two weeks and moved that blue line to the bottom of the orange line and as you can see, it surpassed the top orange wedge line. So I am still not sure if the top orange line is relevant but there you have it. Lets see how this moves tomorrow. If this works out then I will be buying Jnug at the $5.60 range and hope that price will move up to at least the upper orange line around $8.35. That would be around a 53 - 55% move. I'll take it. GL
Comment:
These are the type moments where it is wise to just wait a little bit and not be too greedy. While I am still leaning bearish for the very short term and expecting Jnug to move lower to complete the minor c wave, I must wait. Looking ahead to Thursday, there are a lot of Fed speakers and there is also that health care bill that might get rejected. If that happens, it might trigger something with gold. So what if we only get a small move down like the blue arrows suggest and then bounce hard. If that happens I will wait to see how high it goes and then when I feel it tops, I would buy JDST for the end of cycle drop. But if over the next couple days, price follows the red arrows, which I think it will and may be starting today, then I will wait to find a bottom in Jnug and then hop in for a short 1 week pop.
And as you can see with spot gold, we are close to a critical point again. But there is a bearish divergence on the RSI 5.
And as you can see with spot gold, we are close to a critical point again. But there is a bearish divergence on the RSI 5.