Goldtent TA Paradise
Really liking where we ended up today. I was able to pick up some MUX at 2.19 and the structures of my charts have held where I wanted. Here’s a chart-based recap.
GDX – TL intact, double bottom, and divergence.
GDX Weekly – really wanted 22.30 area to hold and it did.
DUST – bearish flag running smack into resistance.
XAU – have you seen anything prettier? wedgie into 50MA
UUP – classic BT
DGLD – looking ready to roll over at resistance.
Monthly USD/JPY chart in comments, I need some feed back, fundamentally I see why the USD should capitulate but to me this chart tells a different story.
We have a potential double bottom with a positive div on MACD IF the low holds…
NULL VOID IGNORE DEAD FINISHED
Your target is also the black trend line on my chart which was support 2 days ago..
Do not know if GDX makes it to the gap or not…all eyes on the black trend line…
A BULL flag in the making…
Remember the RSI 14 thick black trend line breach would be STRONG confirmation…
RSI needs to get above 50 and BREACH
Ok folks, the program says we have found the bottom of Wave 2.
It seems a bit early to me, but when you put the $XAU chart together with the following $NYA chart:
Then you say “Well, maybe…” If the stock market hits its target and then begins falling, that could be the fuel to propel gold higher. Time will tell.
actually platinum is the biggest question mark in my mind in the PM complex… the move up so far looks more like 3 wave than 5.. unless you count the super bullish 1212 count that isn’t busted but in jeopardy since the connecting ascending trend line is busted and the retrace is very deep already.. and there is overlap which busts the recent high as being a wave 3 top.. so the abc sharp is the only the from an EW perspective that makes sense to me.. and the look of the weekly chart clearly shows that the correction looks unfinished.. with either count i have painted.. either way the C wave needs 5 waves and there is only 3 so far.. and since the initial A wave from the highs looks mor elite 3 waves than 5 I suppose that means the 5-3-5 sharp painted as the primary is actually less likely than the DZZ 7 wave count right?
either way curious what quad and other here think about the long term count and the daily count from recent lows this year..
Chart in comments
Thanks to investing.com they have added some new tools, the only problem is if I want to post a chart it takes a snap shot of the screen and then my chart is inert and cannot be altered, when taking time to do a chart the last thing I want to do is redo all that work after I take a snap shot, so this is why a lot of times I post links, if there is another way and someone can help me out with this it would be very much appreciated.
Anyways, here is a GDX chart that whether you agree or not I think has some very eery connotations implicated by the fib tool.
What if we are having what all the Guru’s blame their shoddy analysis on……a cycle inversion. What happens if the dollar rally’s, the SM rally’s and commodities rally, all except gold because gold is the fear trade and fear is diminishing. ??
If gold takes a beating for a term, there are a lot of weak hands out there that are ready to dump to lock in profits, a waterfall event is not out of the question in my mind. Rambus took profits and someone else the other day at gold tent expressed their desire to lock it in, I am sure there are many traders/investors out there that have been beaten and scarred so they can’t be blamed for being gun shy.
Thanks for your attention.
I have great respect for this serious and good “long term” analyst, he does note that the majority of gold bulls are out of this market (bullcers) and they have lost the climb from January.
He uses a method(momentum analysys) which seems very effective in understanding the trend changes before they occur on the charts.
From the minute 15:20
NUGT wedge continues down…this formation usually is of bullish nature…
DUST wedge continues up…
Note the TSI 7,4,7 bouncing off trend line; this is our EARLY indicator (but can change quick)…
Price action still caught between trend lines..
HUNCH–COULD GET ONE LAST QUICK, FURIOUS DROP TO FILL THE GAP BEFORE THE TURN…
HUI Bottom 2002 (Real bottom was a year earlier at 35 but this move was the real move that sealed the deal)
HUI Bottom 2009
HUI Bottom 2016
2002 was an easy ride but took twice as long as 2016 to peak
2009 was considered a V bottom but LOOK how tough it was to get on and stay on…wild volatility on the first move
2016 has been fast and Furious and left all but the most nimble behind …which begs the question are we done with
the first impulse or just resting…I think done and now a consolidation !
Here’s an update of my chart posted 2 days ago. Nailed my target. What’s interesting however is that instead of tagging the target with a spike and decline like on every other swing high, this one is building a bullish looking flag instead. My money is on this powering higher once the flag breaks….to the upside.