Goldtent TA Paradise
Slope 20 heading DOWN…
Not often we see Gold and Silver Diverging like this
Gold down $7
Silver up 15c
ah..Copper UP 3% that’s why
GDX has now breached its short term Trading Cycle or Daily Cycle uptrend line.
While it may bounce here, a breach of the uptrend line usually signals the move into the next TC Low or DCL has begun. The tricky part here is that I have Gold on day 22 which is the early part of my Timing band to find a TC Low or DCL. Based on this alone, one needs to be careful with short positions, IMO.
Charts in attached link.
Yesterday was a day – as guess – against everybody expectations. To put it short … charts being painted.
Yesterday UVXY got a hit of minus 25%. The moment 61.8%FIB-retrace gave I sold leaving no gain-no profit. Well so be it. Better that than loss.
My 2 cent … tomorrow S&P has a final blow-UP creating ´the´ final high. On my UVXY-daily I have a potential target of aprox 11-ish which would be a 33% downdraft.
EDIT: maybe I am looking through strange glasses but both JNUG and JDST are in a bearflag so trading these for now is absurd.
DWTI … still holding as I believe we might be in a retangle between 88-77. It is approaching the MA(50) which would meet the possible retangle.
Gut feel … WTIC and/or DWTI might be our guide for PM-SM. So I am watching the possible retangle.
Good luck to anybody trading into the election. It is beyond any NFP or FED was what we are used to.
On the chart to the left below is the pattern I see short term on the pm miner indexes right now, using GDXJ here as a proxy for the other indexes.
A falling wedge with a FBO and an undercut low. This pattern is on most of the indexes. And look at how well that pattern fits with the longer term chart to the right; a falling wedge tagging the EMA30 weekly. And the FBO on the shorter term chart to the left is also on the longer term chart to the right in the form of a small dip below the EMA30 weekly.
Looking at the chart to the left above we can see that we have wiggle room to the downside within the falling wedge to circa 38. If we have a closer look at the current bear flag, which I do not think is a valid bear flag that will play out, we can see below that that would correspond to a FBO out of the false bear flag.
This scenario also corresponds to a DB with or without a FBO on $GOLD:
This is very bullish looking through my lenses. And the above is my guess and my short term game plan at this point.
Took remaining profits on my DUST position at 37.10
Looks like more choppy action in the PM complex but Time is still an issue for moving much higher in the short term, IMO.
Wave 5 hit the upper rail today……. now does it continue on up to form a neckline and then double top..
30 min cycle is oversold with + divergence.
Because I am also keeping an eye on this character in white…. he seems to be concerned that his shoulder is not responding to the big 11% up move today…..
Gap fill and indicators turning down…
I am flat the PM sector…
Monitoring potential path for DUST…
After the next small drop, the next pop should be large…
VXO “original formula” VIX…
Dow Theory Buy Signal…
– 30 min inverse h\s playing out ..
and the quarterly ratio appears to be flagging
-WTIC big drop has been compared to what will happen to this ratio, but as you can see the negative divergence was so exaggerated on wtic so as to be a no brainer,
whereas none on the ratio.
Btw, it appears there is a little more time on the quarterly cycle for WTIC before the next big move.
My oscillator is not shown but it has yet to reach overbought. It would be at about 70 on the stochastic scale.