Okay, so I sold all my miners Yesterday around 1210. Now gold is continuing lower. I expect at least a pullback to 38.2% fibo or maybe even 50%. Then we will get another leg higher. Watch the SPX and USD for changes.
GUSH, is how Im going to play this move in OIL. OIL looks to be moving higher. I like GUSH as it consolidated at the 50% Fibo, it now looks to be breaking above the 50. RSI is moving from oversold. TSI looks to be crossing over positive. Ill take this as a low risk trade. Target at 124.50 stop just below the 50.
UGAZ looks to be breaking out this morning. It looks like a BULL SHARK pattern just completed. You can now expect a 50% Fibo retrace higher to about $38.68. BOIL is another way to play it. I'm not taking this trade, but it should work out.
I've been long for a while now and things are working out fine. Looks like we are 8 days into the cycle. The cycles appear to last around 18-27 days. If this is right translated we can expect at least another week of gains. We should get a 1/2 cycle pullback next week and a continued move higher after that if this is an ICL. A word of caution, the last two times...
After a real beat down its finally time for NUGT, JNUG, and all the miners to shine again. An 88.6% retrace of the last move appears to be the turning spot. Consolidation looks good, RSI ad %R are oversold and moving higher. TSI is crossing higher. Look for a 50% move higher.
With the trend line broken on USOIL, I have to expect further down side. Look for support at the 88.6% Fibo or more likely the retest of the last low, double bottom at $9.82. Indicators are oversold, BUT with the markets starting to sell off, its likely to find no support. I'll keep watching this one. Hopefully we get a good trade in a few days/ weeks.
Close enough for me. I am buying JNUG here. If it goes to $9 so be it. I think the ICL is so close here. Once in place this stocks will rocket higher. The USD just kicked the upper trend line and hopefully reverses is one reason. The RSI is very oversold and moving higher!
XAUUSD is getting very long in the cycle without any significant movement higher. I was originally expecting an ICL blast off following the gold candle pattern. BUT, because we are so late I think we get a muted 4th DC here. We may go as high as $1293 and then a drop to a double bottom at $1198. AB=CD. Long for now, because I bought miners at the low on 10-6. I...