I don't need to talk about the obvious. This has been a severe correction based on how fast the drop has occurred. My idea a day ago highlighted the fact that NO ONE should be entering the equity market on the long side until a break above 3225. This deemed to be correct.
At this point with seemingly no good news insight, the next stop (with hopefully bounces along the way?) could be into the 2750-2800 level. If the Fed cuts rates in March, which will probably happen out of panic, this may or may not have a positive impact on the market. 1) It may provide support to lofty valuations and the markets could have a relief rally - or - 2) the markets may view this as a sign of panic and continue to sell off. What it will do though is devalue the DXY and be bullish for Gold and Silver.
Don't try to be a hero or you may tank your account to a zero. Wait for the 3225 as I suggested (if that happens) before entering any longs.
love your work, thanks for all the DD you provide for most people
BobbyBanksX
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Amazed at how metals aren’t rallying. Perfect for physical acquisition!
PaulDeep19131
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@TuParkShakur, It is very odd I won't lie. I think a lot of it has to do with that even though there is clear fear and selling in the market, most people have been trying to re-buy at lows and either enter longs or sell the highs and that likely explains why there has been a few intraday upside moves at one point or another.
At some point when people realize the markets may not rebound since we are programmed to buy every dip, at that point Gold and Silver will rally.
Today the miners tanked however that was likely due to the fact that the TSX (Canadian Exchange) bugged out and was closed for 75% of the trading session. That's relevant because most stocks are traded on the TSX and are of Canadian descent and therefore JNUG and NUGT would be manipulated by 55-60% less stocks than otherwise would be.
All that being said at some point in the near future, perhaps when current monthly contracts end tonight or tomorrow, then Gold and Silver could rally.
- zSplit
Ziminy13
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10/13/2008 and 10/28/2008. Happened in one day both times.
Binary_Forecasting_Service
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This is so crazy. I just look at my software update for GC. Yesterday: 1920 4/17/20. Today: we are going to 800s in 2021/22. Ridiculous.