$nugt $dust $gdxj $jnug $jdst $slv $gld
Renko is not playable in published ideas so I'll update this chart. My last post got little attention and I've been warning people about a sudden drop in gold, silver, miners. We're setting up a new buying opportunity but how low does it go? I would like to see GDX between 28-32. Hold fast.
The wave count suggests we should see one more push lower to finish a 5 waves drop as part of wave (c) of higher degree wave ((iv)).
A drop below 21.60 could get things on track and we finally could see price drop for fifth wave.
... for .48/contract.
Notes: Selling some more SLV (30-day at 47.7%), as well as collating my "ladder" into a single post. Will add in a December monthly "rung" once that becomes available, assuming the volatility hangs in there. Collected 1.74/contract in total.
Here's the way I look at this trade relative to one put on in GLD:
Currently, GLD is trading at...
Gold looks like it's about to make a new leg higher but will it also drop 5-7% first? The dollar and gold tend to create very distinctive price cycles if you know how to look for them. Renko helps to see these price cycles and time seems irrelevant to them. I am seeing a cycle low in the works now but I'm not sure if it's complete yet. I will venture to say...
There are four options highly liquid underlyings that pop up on my screener for next week with 30-day implied of >50%: UAL (23/88/22.6%)* (on Wednesday after market close); DAL (13/74/19.1%) (Tuesday before market open); SLV (18/59/16.4%) (Friday, before market open), and WBA (43/54/12.2%) (Thursday, before market open).
Pictured here is a...
I am wildly bullish on the miners and precious metals over the longer term but I suspect another corrective leg down. GDX has been forming a giant ascending wedge from 2013-2020 and just broke out of that pattern this year. The drop in March was just a small piece of that puzzle that flushed a lot of new & experienced traders out of the trade. I pointed out...
SLV price pattern resembles year 2012 election year more it looks like.
All SLV seasonality regardless of election,
Recent 5 years 2015-2019:
Recent 7 years 2013-2019:
Recent 10 years 2010-2019:
Recent 2 previous election years
2016: Oct/Nov/Dec ...