Completed an ABC today for the 1 (of 5) wave and ended the day above heavy resistance (1492) Very bullish sign! Also nice hourly bull divergences have been building the last few days.
If we fall below 1492 and fail to regain it, that would be bearish!
Silver looks good as well although the chart is a bit messier than Gold.
Gold should reach 1580 area within a...
I know I may be crazy, the the measured from the consolidation triangle gets you to about 4200, which is where the top of the bear market consolidation area is.
That initial breakout area was never tested, so it COULD happen. Not saying it WILL happen, just saying it could.
I'm not trading it, just waiting to see what happens.
Just looking through some MJ charts and this one stood out. Of course it depends on what the overall market does, but there are some nice signs here - double bottom, bullish divergence on daily rsi, holding onto a weekly trendline, close to an ADX cross etc. Had a nice green volume spike Friday, and I'd like to see what the retracement looks like. It's risky to...
It's possible the bottom is in for CGC, although I'm not certain. It still "feels" a bit shallow to me, but there's no denying we have a nice little rally. I wish the volume was more pronounced, so it makes me hesitant to say the "bottoms in".
I do think it's a buy at 27 or under as the daily momentum should push it to the trendline at 31 within a few weeks...
We have one more wave up before the larger correction. Buying a little at 17.80 and more every ten cents lower. I don't think it goes lower than 17.50 considering how booming Silver is right now. That being said, the market will need to be in correction for this to happen (I think that is likely next week).
For myself, I will be selling on every dollar over 20...
If the bear flag plays out and we make a lower low next week, we may also see a daily bullish divergence on the RSI.
The RSI really needs to be watched before going "all in" on shorts.
Considering how fickle the President is about his Trade War policies, a complete about face could happen just as the real panic starts setting in.
Be Careful and use stops if...
Market tanked this AM, but what was significant was gold's triangle breakout after many days. This indicates to me the market will fall for a while (not just bounce down and up). Target is 1585, possible fomo to 1600.
Silver and miners should have nice gains as well
Took a short based on this trendline analysis.
I could be wrong, so stop is set slightly above 56. Nice short setup with good R/R.
Target is 53.60 area, but it could test the previous lows at 50.60 as well. If it's falling fast, let it ride.
One of the silver/gold miners I follow with a nice pullback to the .5 fib. I will be watching this (and gold and silver prices) over the next few days. Anything near 3.50 is a buy with tight stops IMO. If it goes lower than 3.50 it may retest 3.11 support. Target is 6 dollars for now.
Good Luck (Buona Fortuna!)
Watching this for a while, but the daily bear divergences kept me away, even though it broke above it's weekly trendline. Now that it's pulled back and found support it may finally run above and beyond it. A trader may add a small position here and wait to add more when/if the trendline breaks. This is a low cap stock so please don't buy too much if you decide to...
Doesn't come any cleaner in BTC land. However - everyone sees this, so when it breaks (up I assume) expect a fakeout, quick sell off to stop out longs, 5 minutes of panic, and then huge green candle.
Target above 12,500 maybe even above 13,000 to clean out shorts.
This is what the MM's do over and over again.
Nice impulse up with volume over the past few months with a clear ABC correction. The recent correction "may" have finished because $10 (near the .5 fib) is a big psychological level and the dip below it was bought very quickly on Friday. Could we go lower? Certainly, but I would keep this one on a watch list.
Good luck and trade safe!
Although the moves are not exact, SPY takes similar moves to BTC after a few days/weeks since last year. Does BTC (which trades 24/7) foreshadow the movements of the general markets? It certainly seems that way lately. Worth watching if you are trading both markets!
The bearish signals are mounting and we've stopped at the .5 fib from the previous high from Last July. It certainly feels like this was/is a corrective movement - NOT impulsive. After such a run with almost no pullbacks, I think we'll get a very real and bloody correction now. I know most people are hoping for a buying opportunity at 4500-4800, but if that level...