... and here is our bounce on the daily chart.
The dip buyers have arrived and they are buying. I highlighted 5 falling stars on the daily chart at daily cycle tops where we got the next day/days a convincing bounce but on the second or third day the drop always arrived...
Sometimes the drop arrives on the same day, sometimes only the next day.
But it's coming.
I checked the COT yesterday. The blees rating dropped just a bit from 68 to 54.
It's not a big change but if you check carefully you will see that large speculators increased longs by 40.000 and commercials increased shorts by nearly 40.000. Commercials got out by last Tuesday and hedge funds were preparing for the breakout. But on Friday someone got out of this market on high volume. I guess it was the large specs team...
So retail is left alone on the top.
The dip buyers have arrived and they are buying. I highlighted 5 falling stars on the daily chart at daily cycle tops where we got the next day/days a convincing bounce but on the second or third day the drop always arrived...
Sometimes the drop arrives on the same day, sometimes only the next day.
But it's coming.
I checked the COT yesterday. The blees rating dropped just a bit from 68 to 54.
It's not a big change but if you check carefully you will see that large speculators increased longs by 40.000 and commercials increased shorts by nearly 40.000. Commercials got out by last Tuesday and hedge funds were preparing for the breakout. But on Friday someone got out of this market on high volume. I guess it was the large specs team...
So retail is left alone on the top.
Comment:
One more falling star..
This time on the hourly chart.
This time on the hourly chart.
Comment:
I see a decent chance for a night attack in gold today. Around 2-3 am.
Falling star day - Pop day - drop day