May bounce and retrace before a final bottom. Starting positions in $JNUG and $NUGT here
Daily Chart I think that that was a great sign on Friday, Jnug up strong even in the wake of multiple days of great economic data. We broke out of the wedge and should move up with the Italy vote. But I think we will only reach around the $8.90 range before a little pullback. Then up hard to the second oval. At the end of the week or over next weekend we...
Triple bottom and MACD trying to turn positive here
Bears seem to still be in control. Bulls will try to reestablish their ground at 1700. Bears/Bulls are going back at worth in this downward red channel. Safe trading!
The fight/focus area is the yellow box. Bull will try their best to retake the new resistance of 1170. Bears are gonna try to ride that momentum near the new support of ~1160, while also battling the dowwnard channel that has been alive for the past few days. Safe trading!
$USDJPY at a critical juncture medium term. Wkly 100 sma @ 114.75 plus fib resistance @ 114. Downtrend line support @ 108 then 106.65 Fib support. This could affect gold, miners and equities near term as carry trades get unwound.
Pretty straight forward long setup for miners. It's all about patience and finding the pivot point in the coming days for first entry. RSI divergence, MACD divergence and also end of C wave impulse. This could also possibly be the absolute bottom of wave 2, but we'll need a couple of weeks or so to know for sure. With that said, there's going to be (at the very...
4 Hour Chart Time for a bounce yet? I think yes. But nothing too fabulous. The oscillators need to cool off because the next drop will be big. We are way oversold with a lot of bullish divergences. I think we arein the middle or our B pattern and the Fed hike should mark the beginning of the downward C. I also think that the December 4th Italy vote cold...
May drop further, but I am accumulating shares here.
The symmetry between gold's movements today and from the mid-1970's through the mid-1980's can't be ignored. At the current juncture, with gold heading down from its early-July highs, we could very well see gold embarking on its Point 6 terminal down to $1000. Thereafter, gold could meander and consolidate between $1000 and $1350 for another 10 years.
Just noticed the correlation coeffecient indicator. Always thought about how tight the coupling is between gold price and miners. This suggests it is very strong
It look like we are in a wedge inside of a developing bear flag. That being said, we could visit the upper part of that bear flag tomorrow at the $9 range before the next drop. The dollar looks like it wants to at least test the top of the break out area. So be ready for a short term pop.
Dollar Daily Chart I wanted to start off with the Dollar chart because this week something happened. The dollar broke to new 13 year highs. And from my point of view, that changed the count for the dollar. By changing the count, I worked out as best that I could what to expect in the near term future. First lets look at Fib #2. Fib #2 shows the 100% level...
Dollar daily chart With the dollar making new highs today, One has to wonder if the count was wrong. If the count was wrong and we are only in wave 3, which it is starting to look like, then we could go up to 103 before correcting down to the newly made strong support. That would also make sense for an even higher wave 5 into the end of January which would...
Daily Chart Well so Far so Good. We still have room to run, but to how high? I measured the height of this move over the last two days. Then I extended it and it reached that resistance area up around $12.27. My thought on the issue is that tomorrow will kind of give me an idea of how the next three or four days will go. Today was very promising. The...
Daily chart WOW! what a drop! And with a pretty strong close. Huge sell volume. But my $6.35 buy order did not get filled yet. So I am going to wait. Look at the oscillators and compare them to the October 5 - 7th price action. Hints that we may hit that line at around $6.25. And the COT report cut off is this coming Tuesday so we could bounce and then...