Was checking out the Palladium to gold ratio coming out of the 2000ish spike high. Is that an inverse H&S and if so is it not about time for it this to blast off? I dont think its going to be an economic boom that makes this happen. Rather the gold crash. Just stumbled on this as possible supporting info of a coming gold crash. A doozy apparently. Or am I totally lost?
I cant get the chart to show…
SPX 120 and 150 moving average provided support the past several months; recently, the 200 moving average provided support AND NOW THE 120 is providing RESISTANCE. What was support is now resistance…IMHO this market is rolling over…Also, note the last daily candle was a bearish doji right under the 120 MA…
SPXU-Inverse x3 SPX ETF
Note the 13/34 MA cross confirmation…Thus, the trend is now BEARISH for the SPX
For those who can watch the monitor may I suggest UVXY…The VIX has hit a bottom IMHO.
Heck with the “cabin in the woods”. My goal is to become Ted Turner’s neighbor
I am going to be in Montana flyfishing for the next 3 weeks. As a “tradeaholic” only one addiction is stronger–flyfishing. Thus, I will be away from the monitor. Good luck guys and gals! As always the “best action” always occurs when I am away from the computer.
Where it all Started
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Long before computer power .
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NEXT LEVEL OF SUPPORT…
The PM sector looks dismal.
The key battleground area is the horizontal support area at HUI 150 – a weekly close below HUI 146 argues for another leg down in the PM bear market – we should know by Monday.
To follow the waves and turn windows of the SPX and gold, check out my blog at:
Today: 1. Buying SCO (X2 short crude oil) 2. Buying UUP (long USD)
TMF: Bonds looking fragile. But staying long and in the trade until stopped out by the PSAR, which is close to price.
Other active trades in the green. So leaving them alone to let the profits run. “The hardest thing is the sitting”. Jesse Livermore. Below is crude oil. The orange channel seems to be now in control.
Indicators in overbought territory and negative divergence on CCI…
See this the same as Tim…A new upward channel for DWTI
Trend line compliments timing of indicators; unlike two days ago…
T-Bonds’ nearly relentless weakness must be viewed in the context of a long-term chart to see that it is merely corrective rather than impulsive. Which is to say, it’s not a bear market that has been unfolding over the last few months, but rather a normal-looking retracement of a very powerful — and still-promising — bull market. In fact, the selloff has yet to retrace even half of the steep ascent that occurred between December 2013 and March 2015. That would imply more downside to around 147^01, just beneath the recent low. A 0.618 retracement would require 142^20 — quite a ways from here, although hardly inconceivable. I doubt that the violent upward spasm that accompanied Monday’s news concerning Greece has ended the correction. Accordingly, we might expect more downside to at least 144^25, the p2 Hidden Pivot support of a pattern visible in the daily chart, where A= 157^12 on May 29.
I drew this channel yesterday just before DWTI broke down through it. But it looks like today’s price movement jumped back into it. The blue 325 MA line is equivalent (I think) to the daily chart’s 50 MA since there are 6.5 hours in a DWTI trading day; 50 x 6.5 = 325 bars on an hourly chart.
I like it how inverse funds are so upbeat on down days. The sun is always shining somewhere…
Wave (i) completed just shy of the Fib Projection. ‘a’ down is complete and we’re working on ‘b’ up right now. ‘c’ down should end around the 100% retrace but would be satisfied by the 62% retrace… Then up in 5 waves to complete Wave (iii). The Wave (iii) projection might be high at 26.38… Just trade the indicators. Note that the EWO has reached a new high… That means we have at least one more high to come. It all fits!!!!
Not quite sharing the love at least in the near-term…. of course there are extensions and I’m making conservative assumptions (38% retrace on wave (iv)) because I’m just not seeing the kind of price action I expected…
First GDX 2HR. I would see Wave (iv) completing sometime in October (Armstrong ECM??) and the final wave down completing Jan-Feb 2016
Here’s a fractal (and there’s probably even better years to look at!!!):
Could be Nov 2012 all over again with a long way to fall to the bottom of the channel.
showing a breakout of fork resistance and bullish STO cross. Longer term, looking for retest of $30.
Looks like our gaps are closed on NUGT and JDST… Gap up/down rules don’t apply… but not to fear….
GDX 2HR chart looks to be completing iv of v with new target for (iii) at 17.13….. EWO needs at least one more low to be happy!!! I like happy charts!!!
Note that WW on NUGT looks to have completed Pt 3 and Pt4… now looking for a break of the trend line and then back up to target of around 8.40 or so… Not much of a WW but gives us a good idea of what to expect…. of course if we break way below the blue trend line then I’d say WW broken… which is even better if you’re short….