PM – still keeping it simple here

The triangle/pennant on GOLD have morphed a little and is now more symmetrical.
https://goldtadise.com/?p=378670

Also, the CHF:USD ratio is right on the EMA30 weekly now and seems to be turning here now as I see it. And I see great potential here for reverse symmetry up. CHF:USDU looks the same.

GOLD morphed more symmSWISS USD

So, all in all, as I see it, we are still on track for the second leg up. I do not look at the present down move in the miners as a correction, to me it is just a pullback/smaller consolidation. Also, it felt more strong that it really was I think.
https://goldtadise.com/?p=377545
https://goldtadise.com/?p=374624

NYSI Daily…

nysi

System Red

My system has been out of the long trade since early August on the daily chart

showing o\b with neg diverge on the weekly with possible h\s in the works

systemNYSI WEEKLY

DOW

This is still a very Bullish Chartology Set Up

dow111

Small consolidation pattern just atop a well defined larger pattern breakout

SVXY with First Red Candle…

Two weeks to transpire!
Watching SPX 2131
svxy
SPX Daily with support lines…
SPX

OK What Caused the Massive Mid Morning Reverse Reversal in the Dollar ?

Janet waxes Dovish and the dollar Tanks

Then all of a sudden a reversal

I haven’t see the Why Yet

I’m buying a drink for the first one with a probable cause

yellen

NUGT 15…

OK, I am getting more aggressive with day trading until we get more resolution.
This is what I will be eyeing on Monday.
NUGT 15 has formed a descending triangle which usually is a continuation pattern–which is down…
I do appreciate RTV’s chart earlier today, but let’s face it, the weekly is bearish per the momentum indicators.
We are trying to catch a “falling knife”, but it does keep the day interesting. Below this “line in the sand” I will be getting more aggressive with DUST. I did catch the IHS on DUST a few days ago–but now we are in a consolidation period waiting for the next move.
Just random thoughts, you guys/gals have made for a pleasant trading week. Thank you and have a great weekend.
nugt
ADDED: Bulkowski states this formation is bearish 64% of the time…so, not quite as bearish as I initially thought…

Trader Dan on Volume

https://traderdan.com/?p=13365

Avi Gilbert calls for $1,000 Silver in 50 years!

http://seekingalpha.com/article/4002120-sentiment-speaks-silver-heading-1000?auth_param=1da3pj:1bru624:5b67c55dd92e76823185c8dc152d7795&uprof=44&dr=1

thank you gold tenters!

i am new here,and though i have a 10 year track record,in the p.m madhouse,i feel here like a “junior miner”.going through this mini storm this week in the company of you guys,made it so much more easy to handle,with the help of your collective intelligence and shared wisdom.

we having fun yet?

right now I’m sitting on the beach with  five topless babes beside me, just trading away.  Their nickname for me is “Einstein”.  Silly girls 🙂

NUGT 2 MIN

Online Trader

online trader

Bitcoin Is Just a Bit Player

Is Bitcoin a Safe Investment? by David Smith

Welcome to the Fair

Ride the Day Trader :

roller-coaster-6

Todays action

The whole PM complex rallied strongly after the Jackson Hole speech, but it did not last. I think patience is called for here. I do think however think a strong rally is in the cards this fall.

Next week is the Jobs report. That will lead to some volatile swings up or down. I am going to wait until after the Jobs report and see where we are then.

Past jobs reports have kicked off major rallies. The next one may to or perhaps define a trading low.

Either way trading in these dog days of August is not for me. I want to see what it looks like after Labor day.

GDX Weekly…

This is your reference Tommy?
nugt

$Silver: Weekly

The light grey Fib-arc placed on the impulse move from $15-21 says “not too much longer” for this Silver pullback, which has been consolidating since the beginning of July.

Silver Weekly

From an EWT standpoint, wave 4’s typically correct 38.2%, and this wave (iv) has already corrected 50%.  Of course, that’s just a “tendency” – not a “rule” – so further downside to 68.2% ($17.89), and/or trendline support (green dotted line) is certainly possible!

Also, just fyi: wave c = a*1.618 = $17.67

 

 

NUGT 60 Update…RTV just gave us the line in the sand–trade accordingly…

I have started with a small bite and will close or add immediately if necessary…
Please use your own due diligence…
nugt
Note the TRIX
To play it safe, could wait for the 13/34 EMA BULL cross…
NUGT 15 MINUTE…
nugt

$HUI / $Gold

It’s possible the bottom is in for PM stocks on this pullback:

HUI Daily

This is similar looking symmetry to the H&S formation for $Gold on the weekly chart, where the breakout is presently being tested once again:

goldweekly

 

Adamis Pharma

Adamis Pharma ADMP is up 12+% today on Big Volume. Their Epipen alternative is rumored to have been fast tracked by the FDA (Take that Mylan…).

Not sure if I posted on this here earlier this week. Did anyone follow?

https://finance.yahoo.com/m/1c136579-24f0-3bf5-b30b-ffdccfb5b90a/ss_here%26%2339%3Bs-a-reason-why.html

Added: Now up over 14% on 15x normal volume. Biggest volume day I can find on the charts I can find ever…

Added: Closing chart and volume at 35x the norm. Up to $3.72 in the aftermarket

Screenshot 2016-08-26 09.51.20Screenshot 2016-08-26 14.52.25

PM Mining Indices

Nice Moves BUT I think we will still range trade for a while ( Months)

Not getting too excited here…I still see this kind of Consolidation

huiwk

This would be similar to the 2001 Baby Bull’s First Rest

hui2001

Going Fishing

🙂

GLD Pennant

gld 8-26

GLD new pennant formation now in play thanks to Yellen…

NFP next week!

Just in case this wasn’t enough excitement for you…

This is a BEARISH engulfing candle…DUST 60

So far…
dust
1041 AM EST NUGT Update…
nugt

rocket

Elliott Wave projections SLV GLD

Here are two computer generated Elliott Wave projections for both SLV and GLD

SLV

We are in a Primary 3 wave up targeting $22.00 for this wave (green numbers)

However we are also in a intermediate (smaller) 2 wave down (yellow numbers) that is targeting around $16.75 This wave has to complete before the Primary wave 3 can reach the 22.00 target.

A move from 16.75 to 22.00 would be a pretty nice move 31.34%

SLV - Primary Analysis - Aug-26 0738 AM (1 day)

GLD
Again we are in a Primary 3 wave up targeting $140.00 about 11% higher than where we are now.

GLD - Primary Analysis - Aug-26 0742 AM (1 day)

Live video coverage from Bloomberg (Jackson Hole)

http://www.bloomberg.com/live

Gold is rolling over…

Yellen..

FULL TEXT OF SPEECH:
http://news.forexlive.com/!/full-text-of-yellens-speech-at-jackson-hole-august-26-2016-20160826

zerohedge ?@zerohedge 2m2 minutes ago
YELLEN: FED NOT ACTIVELY CONSIDERING HIGHER INFL,NOM GDP TGT
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zerohedge ?@zerohedge 2m2 minutes ago
YELLEN: SEES INFLATION RISING TO 2% ‘OVER NEXT FEW YEARS’
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zerohedge ?@zerohedge 2m2 minutes ago
YELLEN: FOMC ANTICIPATES GRADUAL FFR INCREASES APPROPRIATE
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zerohedge ?@zerohedge 2m2 minutes ago
YELLEN: US ECONOMY NOW NEARING GOALS ON MAX EMPL, PRICE STAB

Gold doesn’t like it….and NOW it DOES…WOW!

Travelling

Goldtenters please post any important info from Jackson’s Hole so I / we can keep appraised

tia

GLD Pennant?

Which way will depend on Auntie J?

Screenshot 2016-08-26 06.50.56