Goldtent TA Paradise

Yesterdays move closed the gap , retested the H and S breakdown and set up a new H and S neckline all at one time

Amazing

http://www.talkmarkets.com/content/us-markets/gold-oil-and-commodities-back-to-the-future?post=198696&uid=23288

Sorry about the poopy graphics.  But can some EW experts out there tell me why this is NOT a 1-2, 1-2 formation?

The Baltic Dry

Last Year at this exact time almost NOBODY had heard of Bitcoin….within a few weeks EVERYBODY and his ASS was either IN or wished they were.

That was about to change in the most dramatic way. The mania lasted just over a month and by Christmas it was ALL OVER ! Buy the dip the Bitcoin Gurus all said…its going to $1 Million ! For sure !! The Gurus were Gurus for a month !

This chart is GBTC the ETF which is a proxy for Bitcoin.The real Bitcoin went from a few bucks to $20,000 in about a year. Some of the early folks ( we had a few here) will tell you they are happy with thier “Investment” because they are still up 100s of %…but NOBODY you know sold the top…as it lasted a nanosecond….just like in Gold 1980 and 2011.

It is a Classic.

Massive Parabolas ALWAYS end this way…and this will go on an on and on…for years ( maybe decades)

Look at Gold…The Parabola was in 2011 and we are still in a slow dribbling downtrend 7 years later and if 1980 is the model we have over a decade still to go.

Goldbugs could see this bitcoin result coming because we got caught up in one of these not once but twice and many are still in denial that they shoulda sold a long time ago… but Bitcomaniacs had to learn the hard way…which is the only way .

The “reason” du jour

https://arstechnica.com/tech-policy/2018/11/bitcoin-plunges-12-percent-reaching-lowest-value-in-a-year/

Nice surprise move in Gold Stocks Today

alas…was it just a backtest ?

Saved !

But some horizontal resistance here

Here is a BitCoin / Crypto update. Looks like the final flush down that I have been expecting is now underway.

Crypto’s are Crashing

This is a perfect example of why we had so much optimism in this sector and why there is now so much despair .

2016 was a wild and furious surge off THE bottom ( or so it seemed) ..Check

Looked like another V Bottom like the one in 2018 that made Goldbugs who held thru the carnage whole again.

Then the obligatory Consolidation phase of this great eruption in this beaten down sector…Check

The Halfway Flags were beautiful and kept everyone in.

Then SPLAT…everyone is now puking…The ones who are not selling are still puking !

This chart says another 50% drop from here is possible if not even Likely !

barf

Ah…but look at the HUI …up 4% today…lots of PMs up 7 to 10%….hmmm