Jnug to Gold post Election
Daily Chart
SO we filled the gap today. That really blows. I was soooo looking forward to this spiking for a couple of days and then filling the gap a few days later. But then I guess THEY knew that already. So I guess in hindsight it is no surprise that it did the opposite. It was amazing to me to see the craziness of the markets during the election only to wake up to it being almost back to evan. So from here on out, I think we go sideways relatively speaking, until maybe Tuesday or Wednesday of next week. The Commercials and Speculators have spoken and they do not want us to go up....yet. I think we are going to have another right translated cycle which you can see on my chart. And no I do not believe we are going lower just yet. Not in this post election environment. With a Hillary win, I would say that would be a possibility but not with trump. My chart speaks a thousand words so I guess lets just take a look.
If you look at the oval that I put up, you can see the convergence of a ton of resistance. I think we test that next week and get rejected. We are going to need something significant to help push through that zone. Maybe a gap up over it. My price target for the end of this mini wave 3 is approx. $20.40 range. If it hits that then I will sell Jnug and buy dust for the wave 4 correction. Which I suspect will be the shallow and complicated one. SO in other words, chop for a week or so. Then wave 5 with a price target of $21.50 and possibly and peek through up to $22.10. But if this stock market rally continues strong, and I believe it will for its final wave 5 push, then I still think the Fed will raise rates on December 16th. That should slam the miners. I will be in dust for the first drop and then I'm going to try my hand in the VIX for the rest of the huge stock market drop that should come.
GL
SO we filled the gap today. That really blows. I was soooo looking forward to this spiking for a couple of days and then filling the gap a few days later. But then I guess THEY knew that already. So I guess in hindsight it is no surprise that it did the opposite. It was amazing to me to see the craziness of the markets during the election only to wake up to it being almost back to evan. So from here on out, I think we go sideways relatively speaking, until maybe Tuesday or Wednesday of next week. The Commercials and Speculators have spoken and they do not want us to go up....yet. I think we are going to have another right translated cycle which you can see on my chart. And no I do not believe we are going lower just yet. Not in this post election environment. With a Hillary win, I would say that would be a possibility but not with trump. My chart speaks a thousand words so I guess lets just take a look.
If you look at the oval that I put up, you can see the convergence of a ton of resistance. I think we test that next week and get rejected. We are going to need something significant to help push through that zone. Maybe a gap up over it. My price target for the end of this mini wave 3 is approx. $20.40 range. If it hits that then I will sell Jnug and buy dust for the wave 4 correction. Which I suspect will be the shallow and complicated one. SO in other words, chop for a week or so. Then wave 5 with a price target of $21.50 and possibly and peek through up to $22.10. But if this stock market rally continues strong, and I believe it will for its final wave 5 push, then I still think the Fed will raise rates on December 16th. That should slam the miners. I will be in dust for the first drop and then I'm going to try my hand in the VIX for the rest of the huge stock market drop that should come.
GL
Comment:
I don't post my chart for Spot gold because there are too many lines. Its too messy. But for today I will because I want to show you all something. I have heard others say that last night gold broke through the long term bearish channel last night. Ummmmm No it did not. It touched and bounced off a short term bearish channel (green line with an arrow) which was drawn from the top of the wick from back in August. But it did not break through the real long term bearish channel which is above that. See for yourselves. So we still have more work to do.
Comment:
So long as the low from October 7 does not get breached, this right translated higher low is still valid and I suspect today may be the bottom from this last cycle, because I think we will move up into my price target $11-$12 range tomorrow
Comment:
So a very terrible day for the miners. It broke to a lower low even though it was right translated. Another thing is that it closed bearishly strong. So from here I am really looking at how this looks tomorrow. If it looks like it wants to fill the gap then I will jump out for a loss and rebuy down around the $7.40 area. It's tough to play this gold game lately. But we are very over sold and so it's getting close. But it can stay oversold for a while. I hate to have to say it but I feel we will drop again tommorow and maybe Monday.