I can tell by the title I wrote that gold bugs are already pissed off.
Long story short, I think gold (and silver) will go further down in value.
I first want to start by saying I love precious metals including gold, but I don't think this scenario is going to play out the way any sane person would think. That's why you have me, completely lacking all sanity....
Could be in the middle of an ABC correction. Also this one could just take off and not come back. Given the time it took for the 5 wave impulse to complete the probability favors short term boom them bust, then new cycle to start up.
Hi Followers and Visitors,
So far, the Moving Water has done a good Job on Crypto, but what about Stock Exchange?
Let's start thinking outside the box and initiate a series of tests on US Stock Exchanges, for now - NYSE
A LONG TRADE - SHORT TERM - to Philip Morris International PM - NYSE
Let's see if it could also work in this world.
Hope the Best for you...
PM fell today after earnings report more than it really should. It passed through level 88 like butter and is trading lower at the time of writing. Next support is around 75.5, however I would look into buying it at 78 if it falls there.
In short earnings report beat PROFIT expectations, expected: 0.90$, was 1$; Revenue was also higher Y/Y by about 13%, however,...
The bullish trend started this year with new ATH should continue with the slope of the 100 ma weekly, which is not so fast but offers good r/r during retests of the moving average and overshootings to the high. I do not mention fundamentals.
This is not a clear sell. Even tho the price has been around 1292-1295 this time around there are some room for it to continue higher.
If price falls down below 1260 and through the 7 year triangle line that then becomes resistance again --> strong sell signal to the 5th leg at 1200ish.
Trump would be in big trouble if the stock market crashed so he will do...
Also 20,50,200 Moving average bullish crossover. Dollar index is not looking good either. War on the horizon, Tax cut, health care failure? Debt ceiling raise? Heavily manipulated market, alot can happen.
For those of you who are not familiar with IMF SDR plan and the voting power shift that took place this year i would suggest you to study that. Also the ACC...
PM (philip morris) seems to be in a down trend. the current 93 area, seems to be a resistance area. a break above this area will target the 96 area, but my bias here is on the short side. I believe this may be a good r/r point to enter a short trade with a possible target of 88 area.