Gold Daily Chart first
I decided to start off with the Spot gold chart first this time. I do not believe that gold is finished going down yet. Im talking about maybe one more day down. The reason I am thinking this is that we are, in my opinion, in a wave 4 correction.. If the wave 2 correction retrace approx. 61% then this correction should be around 38%. So I left the Fib retracement up to show you what I mean. I also left up the purple channel to show where we are. If spot gold breaks out of that channel then that might change things. But as of right now, we are still in a bear channel. So I am thinking that the most likely scenario is that we make it up to 1186 on a micro 3 wave move. If that is the case and A=C, then that would probably have gold bouncing off the 20 DMA or 10DMA before proceeding up again. After that, a little chop as the arrows show and then it looks to me that we begin wave 5 down.
However, miners on the other hand appear to be finished with all 5 waves. maybe I am looking at it wrong but I will post gdxj to show you what I mean in a second. miners bounced off the top of the channel and is now moving down with gold. but if in fact gold needs to move up more like I described above then miners will break out of the downward channel during this cycle.
I will post miners charts next
I decided to start off with the Spot gold chart first this time. I do not believe that gold is finished going down yet. Im talking about maybe one more day down. The reason I am thinking this is that we are, in my opinion, in a wave 4 correction.. If the wave 2 correction retrace approx. 61% then this correction should be around 38%. So I left the Fib retracement up to show you what I mean. I also left up the purple channel to show where we are. If spot gold breaks out of that channel then that might change things. But as of right now, we are still in a bear channel. So I am thinking that the most likely scenario is that we make it up to 1186 on a micro 3 wave move. If that is the case and A=C, then that would probably have gold bouncing off the 20 DMA or 10DMA before proceeding up again. After that, a little chop as the arrows show and then it looks to me that we begin wave 5 down.
However, miners on the other hand appear to be finished with all 5 waves. maybe I am looking at it wrong but I will post gdxj to show you what I mean in a second. miners bounced off the top of the channel and is now moving down with gold. but if in fact gold needs to move up more like I described above then miners will break out of the downward channel during this cycle.
I will post miners charts next
Comment:
whoops forgot to post Gdxj so here it is
Comment:
Jnug chart
So for Jnug, the price movement described above should look like this on Jnug. Jnug should drop down to the $5.40 range before reversing and making another strong move up similar to the one we just had. Possibly up to the yellow oval area.
So for Jnug, the price movement described above should look like this on Jnug. Jnug should drop down to the $5.40 range before reversing and making another strong move up similar to the one we just had. Possibly up to the yellow oval area.
since we have already closed below the 20 DMA on the daily, I am guessing that the most reasonable place for a bounce is at the 10 DMA. The bold purple line is a measurement of the last two weeks of price movement. So I just moved it to the approximate location of where the 10 DMA will be on the 3rd.
Next I will post jnug.