Goldtent TA Paradise
Time is now becoming an issue now with Gold’s most recent Trading or Daily Cycle.
Regardless of weakness in the USD, Gold was rejected near the top of its Bear Flag from yesterdays move.
So far it appears to be heading down to test the lower boundary of my flag.
Much still depends on which way price breaks out of the Bear Flag but the Price movement inside the Flag is not bullish especially with respect to the Time of this Daily Cycle.
I have Gold on day 13 now and it is running out of Time, IMO and needs to get a move on or we will likely see another failed Daily Cycle into a final YCL.
Added: GDX chart ~ still in Bear Flag limbo for now…
Looking at the posts here today …I come away with the impression there is NO Clear Consensus on what is going on in the PMs
Opinions run the gamut from Imminent Collapse to Imminent Blast off.
From…. to the moon to… we are going below 1000. And Everything In between .
Bulls and bears alike are getting whipsawed.
Nobody is comfortable in their positions. Nobody is happy
Welcome to the Twilight Zone…where sometimes the best position is NO Position…
Once the small head and shoulders on the monthly plays out, the next move could be to the quarterly triple pivot cycle high at approx beginning of 2019.
Note the symmetry of the blue dotted lines.
Would that cause “4” to happen in 2019? The negative divergence doesn’t make it seem so far fetched.
A better scenario is just another trip to the bottom rail on chart #3.
Chart 4 is the same as 3 with TSI added to see the negative divergence better.
How well you do in the market is really all about perspective, isn’t it? I’d like to show you two different perspectives on our rally since January from my Elliott Wave software. First is the view I have been focusing on since shortly after our bottom in January:
However, after hearing a number of people questioning if this rally was all it seemed to be, I decided to look at a longer time frame – to take a little longer perspective and see what it said. I was a bit surprised by what I found. First, here is what the software said about Gold:
Next was the $XAU index:
Do you see how the bullish perspective in the first chart is now just a smaller piece of the last two overall bearish charts? Perhaps this is what some of the folks here have been trying to tell us. Maybe this correction is not really over? I believe Armstrong is still projecting ~$800 gold.
Now for all my normal caveats – the software is far from perfect. I am not saying this is going to happen, but I thought maybe I should show a possibility that is not being considered by most on this board.
RSI 14 trend line remains intact thus bullish…
RSI 5 bouncing off 50 is bullish…
Parabola remains intact…
The TRIX in bull cross mode is making its way to the trend line for a BULL cross…
MACD is on a BULL cross…
DUST 2 Hour is looking weak…
MACD 5,35,0 could not hold it’s trend line denoting loss of momentum…
Could have a small bounce in the AM back testing the moving averages…
Still we need to look at the daily chart for confirmation…
Minute charts give us clues, but the daily/weekly give us confirmation…
As posted last week on WTI & DWTI here a follow up on DWTI
Looks like DWTI broke out of downtrend and did some BT today. Although still in retangle … OBV looks good. Nevertheless a BT on the APEX would not suprise me meeting the MA(50) on the 27th. DWTI … so far so good
GDX is showing a cup and handle formation, with improved OBV and accumulation pattern. The ultimate oscillator is over fifty. Looks constructive as they say in TA.
The shorter term inverse h&s posted here
has now BO as I see it and BT.
Thin zone is next.
TSI has bull crossed…
Are we about to have the mother of short covering rallies ??