Silver: Timing for $24 Target

It’s very possible Silver will hit its inverted H&S target of about $23-24.00 in a matter of days/weeks rather than months.  That is because Silver is presently accelerating higher in “parabolic” fashion, as shown in the daily chart below.  Note that OBV is confirming the present breakout and fuel to go higher:

Silver - parabola

GDX Daily…

I am doing a “Graddhy” 🙂 The breach of the long term trend line is a MAJOR break out. GDX, displaying her strong momentum, did not even attempt to build another bull pennant or flag much less an IHS right shoulder. I would not even think of entering a DUST trade at this juncture… We “MIGHT” get a backtest of the long term trend line at roughly $27.75? However, GDX has clearly shown tremendous momentum breaching the above mentioned trend line so quick…Up, up, and away!
FYI–the TRIX breached her trend line. Look what happened the last time the TRIX breached her trend line. GDX is about to embark on her second major leg up in swift order!
GDX

Silver up $1 on Kitco

By whatever metric Kitco calculates its daily price changes, silver ended the day up $1.06 at $19.75.

Wow, that’s the first $1 up day in a long, long time, isn’t it?  And one that started under $20, so that’s more than +5%.

 

Gold Weekly

Basic Chartology

We have some wild and whacky slanted lines being postulated here as resistance in all things PM

They could be…so I went back to this very basic chart and this is what it looks like

gold-1

Biotech and Gold

I haven’t posted on here in a while but wanted to share 2 charts. First, I’m really bullish in biotech right now as I think it is going through the same type of fake breakout the miners went through at the bottom… and the squeeze may be on.

Also gold is pressing against a upper line it has hit several times already. It will be interesting to see if it fails or keeps going. I think it will have a tough time breaking it but who knows.

image

image

GLD Tonnage up more than 3 tons.

953.91

Posting GRADDHY’S newest targets of June 29 again. Thank you, Graddhy.

GOLD 1615
SILVER 24 (could make it to 27)
GDX 52,5
And based on the GDX chart, the new POs for the other miner indexes are (they all have the same formation more or less):
HUI 525
GDXJ 90
SIL 75
https://goldtadise.com/?author_name=Graddhyllesvin

TGD ( Timmins Gold) up 20%

TMM is the Canadian equivalent and it was flat today

🙂

GDX QUARTERLY

stochastic not even to the mid line yet

two white soldiers … third starting

GDX QUARTERLY

SILVER

Saw on another site that Rick Ackerman told his subscribers to short SILVER yesterday. There goes another Guru. There’s a song in there somewhere. 🙂

A Final Push by GOLD at the close

Impressive. Just wondering what economic malaise is behind these dramatic moves by gold and silver, real money in a paper world.

Yes, I blew this last move!….but….

Amazingly it looks like we are going to retest the same resistance line again in an exhaustion sequence structure similar to what I’m showing in red. If I were still long I couldn’t imagine not selling into this strength with this sort of underlying structure. And yes, I will be buying JDST and DUST on a tag to the line hopefully at the close. Maybe now I’m finally crazy? 😉

GDX

Note: It’s looking like we don’t tag it today so I’m guessing on Tuesday we will gap up to tag the line and then reverse with a black candle just like the last two times….we will see.

If you take a look at intraday JNUG to see what the micro structure of this move looks like heading into resistance on the GDX daily, you can see it doesn’t have much wiggle room. Bought more JDST and DUST into the close but have some dry powder in case we get that gap up Tues morning.

JNUG

Juniors AXU,TGD, XRA

Junior axu Junior TGD Junior XRA

Silver Resistance ?

silver111

All local resistance has been BLOWN AWAY !

Whether you are bullish or bearish you have to admit…this has been a stunning week for Bob

Any one looking for a Wolfe wave here is in denial IMO

there are 4 strong layers of support below the market now …If this is not a breakout I don’t know what is

silver wolfe wave? did i draw it correctly?

http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=10&dy=0&id=p53874890397&a=463401652&listNum=15

 

 

 

 

Picking Great Gold Stocks

Oh Yaah!!!! Spock knows all about it and has been doing it right with flying grades.

Good list if one can get the info on these juniors.

Adam is late to the game.

http://www.321gold.com/editorials/hamilton/hamilton070116.html

silver target hit…could it reverse? who knows

look a the agq chart channel..

http://stockcharts.com/h-sc/ui?s=AGQ&p=D&yr=0&mn=8&dy=0&id=p59316613483&listNum=15&a=463806809 

Bonds short

4bonds

3bonds

2bonds

1bondsI posted this charts and this trade setup about a year ago. Trade only partially worked out. No reason to believe this time will be any different 🙂 and also don’t forget it is counter trend trade so odds are not on your side. Plus, this is a trade off weekly charts, not suitable for high frequency traders, scalpers… 🙂

With that being said, look at the charts. While price is nicely trending within the uprising channel, you can see price also tend to move from one side of the channel to the other. Sometimes, when price reaches extremes and pokes outside the channel, then sometimes later on repeats the action but with indicator (you can try many different) diverging. When you get this setup as we are having it right now, you could try to take a trade. (TBT for example). How to enter? I will leave this to you. If you don’t have any good weekly reversal system, don’t do it! Otherwise any weekly reversal pattern that you like should work with say combination of breaking trend line and there is also possible false break out in play.

Just be careful, when I post charts, they tend to make a liar of me. And besides, how much are bonds still freely trading?!?

Edit, thanks EagleSeagle, charts looks bigger now 🙂

Dave in UK: Re EWP

Dave –

I assume you mean by “new bull market”, another leg up in the present bull market.  Wave 3’s are impulse waves and therefore consist of a 5-wave pattern.  There is no POR other than determining if the wave patterns fall within EWP parameters for each given wave.

EWP is all about recognizing “probabilities”, as each wave or pattern must fall within certain parameters to meet the criteria for properly labeling the wave/pattern.  This consistency is what makes EWP such a useful tool.

Please refer to Avi’s chart and note in his report, paraphrasing “I’m not saying wave 3 is about to begin, but the setup for wave 3 is there.

By that he meant that GDX completed a 5-wave impulse move (wave i), followed by an acceptable A-B-C type correction pattern (“Running Flat Correction”) to complete wave ii, and then what appears to be a new wave 1 of iii breakout to new highs, and an acceptable pullback level for wave 2 of iii.  Wave 3 of iii should breakout to new highs and also consist of 5-waves on expanding volume, which is what appears to be happening now.

To hopefully answer your second question, below is my EWP interpretation of the $HUI, which I believe corrected the 2008 top within an Expanded Flat Correction pattern.  Corrective wave C consisted of 5-waves down, and ended in classic fashion – within a 5-point “Bullish Falling Wedge” breakout.

HUI - EWT

EWP seems intimidating but it’s really not.  For those interested, I highly recommend reading “Elliott Wave Principle” by Frost & Prechter.  Just take it one page at a time and soon you will get it and have it for keeps.

 

SPY 120

descending broadening wedge

SPY  120

Are we at a point of recognition? Re: Avi’s wave 3 post.

Is the Point of Recognition of a new bull market at hand? Reading Avi’s recent post, I would think it is possible.

Also from an Elliott Wave perspective, is the point of recognition in the middle of a wave 3? Maybe vi can tell us. What about the POR on the way down on 12-15 April 2013 What wave was that in EW terms?

I would like to be educated on this matter.

 

 

 

another 8.7% higher to the HUI target of 285 which is the gap area which could get a bounce

from 285 hui we could see a small bounce to the 220 area before heading to 385 area…285 could happen as soon as July 8th which is a panic day on gold

look at chart

http://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=4&mn=8&dy=0&id=p66860002365&listNum=15&a=463488723

 

 

Happy Canada Day eh ?

fireworks

hui111

Fully, are Canadian markets open Monday?

Juniors are screaming upwards. And I can’t see the green in my Canadian-priced boatload of Spock Rocks. Their U.S. OTC counterparts are almost all green.

GOLD up 21 and SILVER up .80

Gotta believe they are in the ongoing process of balancing a worldwide economic meltdown.Sure we will see this on the charts, but those charts will be super extraordinary.

Lifting a Canada Day glass to super extraordinary PM charts.

It is so quiet here I think James Brando is right and only about 4 bulls are riding this thing up.:) They say the bull goes up with as few riders as possible, but this is ridiculous.

distribution … or something else?

it seems more like the latter to me

many of the smaller caps (not GDX or GDXJ components) are similar to the below example

sure there is divergence to price, but a bull flag is the most likely outcome

many non-GDX/GDXJ small caps exhibiting similar characteristics. The $CDNX is also supportive of this thesis.

Disclosure: SpockM and subs are long this security, Americas Silver Corp. USA.T

USA5

GDX and NUGT

Both are reaching new highs for this run, premarket.

WHY ?

If you are interested in the Why of market moves you Need a Trader Dan Subscription

https://traderdan.com/?page_id=59

Members get updates like this any time of the day

https://traderdan.com/?p=12435

Oil

sco

Am short oil via SCO from yesterday. If small DT around 92 can be taken out this could run quickly to 150 as it ties in which a possible wave 3 down forecast  on WTIC

 

SPX/GDX P&F Chart…

Target 1881…
spx

Target 52…
GDX