Spot God Daily Chart
What a run! So I am currently having a dilemma. How much higher do we go? I am pretty sure that tomorrow is a miss on the jobs report. I am estimating 155,00 - 160,000. I came up with that estimate after using and reading a report written today on seeking alpha. That report has two bar charts. You can see where I came up with that number range.
Currently we are bull flagging. It can be seen better on the 4 hour chart. I think with the jobs report miss tomorrow, we should push through 1186 and at least reach the 38% Fib of 1193. There is the problem for me. Do we continue or reverse course. I think we reverse course for Wave 5 down. If you zoom out or look at my last post you will see that I think we are in a wave 4 downtrend and should only retrace 38% or slightly more as wave 2 retraced over 50% or 62% depending on where you start wave 1. So hopefully tomorrow we might get a better understanding on where we are going to go. But I am expecting miners to reverse after am early morning push higher, just like last Friday. That is just my opinion. I will post my miners chart next.
What a run! So I am currently having a dilemma. How much higher do we go? I am pretty sure that tomorrow is a miss on the jobs report. I am estimating 155,00 - 160,000. I came up with that estimate after using and reading a report written today on seeking alpha. That report has two bar charts. You can see where I came up with that number range.
Currently we are bull flagging. It can be seen better on the 4 hour chart. I think with the jobs report miss tomorrow, we should push through 1186 and at least reach the 38% Fib of 1193. There is the problem for me. Do we continue or reverse course. I think we reverse course for Wave 5 down. If you zoom out or look at my last post you will see that I think we are in a wave 4 downtrend and should only retrace 38% or slightly more as wave 2 retraced over 50% or 62% depending on where you start wave 1. So hopefully tomorrow we might get a better understanding on where we are going to go. But I am expecting miners to reverse after am early morning push higher, just like last Friday. That is just my opinion. I will post my miners chart next.
Comment:
Jnug 4 hour Chart
Not sure how reliable it is but on the 4 hours chart for both jnug and GDXJ there us a divergence on the RSI. It does not show up on the daily. You can see that the cycles are the same. Jnug is also at the upper BBand. SO lets see what happens. I am probably going to jump into JDST tomorrow. We will see what happens with that. GL.
Not sure how reliable it is but on the 4 hours chart for both jnug and GDXJ there us a divergence on the RSI. It does not show up on the daily. You can see that the cycles are the same. Jnug is also at the upper BBand. SO lets see what happens. I am probably going to jump into JDST tomorrow. We will see what happens with that. GL.
Comment:
Jnug Daily Chart
So I still think we have a little more to go down. At least to the 10DMA ($6.38) (which also is the 50% Fib retracement of this powerful move) before a little bounce. I would like to think we can at least fill the 2nd gap by the end of the week down at $5.27. But the third gap just seems too far. But who knows, look at the last two weeks, anything is possible.
How did you like that nonfarm payroll call yesterday. Came in at 156,000.
I will post the 2 hour chart as well to show the movement a little better.
How did you like that nonfarm payroll call yesterday. Came in at 156,000.
I will post the 2 hour chart as well to show the movement a little better.
Comment:
So we busted through two channels. Very bullish or is it too bullish. As you can see, the RSI level that I use is very overbought, just like last Friday but also look at all the other times the RSI that I use got so high. So I am not going to ignore it. I will be paying attention to price movement after open. If I am correct and miners are now in an ABC correction then B is next and should be swift. There are also three gaps that were created that I put on the chart. the 50% retracement is just below a resistance area and the 100 DMA is quickly closing in. Not to mention, we are almost half way through the cycle for miners. So I am looking for a big red candlestick with a long upper wick up into the yellow circle. The same goes for Jnug which I will post next.