Loading ...GLD BackFilled Yesterday’s Gap – JDST Coil Building
Looks like a good set up for the trend to continue after consolidating for the past couple of days. I’m still targeting $18.04 on the next JDST move. It’s interesting watching all the counter trend trading only going on in afterhours….a sign that only the little guys are trying to catch an oversold bounce before any resistance is confirmed as being taken out. Classic behavior.
I saw one of the pre-market trades this morning was only 5 shares.
our flag may be breaking out now:
http://schrts.co/4euSuw
Mark, been off the grid. When you get a chance–how did you derive 18 target
Hi Eagle. It’s simply a fib projection based on what I felt like looked like a good fit. I don’t fight trends.
With a strong trend we have now, gap fills become later instead of sooner the usual behavior…
Gold is holding around 1094… Armstrong is saying if Gold holds above 1084 for the week look for 2 week pop up… Options expiration next week may support higher prices….
NUGT low was 3.42… rapidly approching this price again and EWO has barely budged… This is bullish. Possible bullish Wolf Wave on NUGT forming although not the perfect symmetry I like…. ditto for GDX 2HR Chart…
JDST’s last high 16.96… price is 16.21 and heading up… BUT EWO is not confirming… This is bearish….
Dollar dropped to 25.36 in pre-market should be heading up but appears weak… hmmm…..
Armstrong’ comments:
If we hold 1084 for the weekly closing, then we can see a 2 week bounce and everyone will proclaim the low so hurry up and buy more. If we close below these numbers, then we can see a 2 week panic to the downside and a test of the 1980 high now. If that unfolds, then the latter target may be further down. So we play it by the numbers.
I wasn’t crazy about the structure going into the gap backfill so sold my position at $16.40. I will look for a good re-entry if it presents itself for that possible trip to $18.
http://schrts.co/VjrNCG
GDX Wolf Wave projecting to above 15.75… I have fib confluence in that area at 15.77 and 15.85… but we need to drop below +/- 13.60 to confirm WW…. NUGT is only 4 cents away right now from it’s previous low….
Well I’ll settle for a double bottom on NUGT and GDX and assume JDST is truncating… but the re-test may take us a little lower on GDX and NUGT… EWO definitely not confirming move down so this is still bullish. Waiting for trigger line cross on 2HR NUGT and GDX SlowSTO for confirmation of a possible uptrend…
Thanks for sell update, Mark. I sold off all mine a little while after as well; right when gold jumped a buck from 1093 and broke up through both today’s downward trend line as well as a longer term one. This JDST trade took my 9 month trading career out of the red and into the black. +46%, that’s enough for me for now.
I see a GDX bounce from here possibly to 16.60 which will be good risk/reward entry to get short again. I don’t think the bounce will come immediately…it will need to build some cause and then it may be fast and furious. I have no intentions of trying to play any countertrend rally. Ive already made enough $$$ for a really solid year and I am not going to try swimming upstream.
http://schrts.co/BntJiC