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Same timeframe for both charts. Second is just zoomed.
-Gold has retraced like the Gartley would have one on the second major pullback to the 78.6% retracement.
-Gold is hitting the top red trendline now.
-I’m in agreement with Mark that we pullback here as Gold also could Wolfe wave back down as we just had the third Wolfe wave thrust up.
-The problem? The pullback Wolfe wave target is almost exactly on the top yellow line of the triangle that was broken. We’re going to be wondering when and if we get there if this is all just a backtest of the yellow triangle before going to $1240 or if the resumption of the bear is about to begin….
Thanks Chuck – I have been accumulating DUST/JDST with my 1st buy 10/2, 2nd 10/6, looking for my 3rd at the close today – will put me in at 50% allocation, FWIW
Thank you Patty for the nice posting the other day. Good to see you again!
So is the bear going to resume or just a small pullback before $1240? Putting you on the spot! 🙂
Bear will resume – the real question is “how we get there?” I really don’t know – but am playing for a hard pullback at a minimum here (where I would sell half of my 50% and then watch).
Maybe something like this????
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=0&mn=11&dy=0&id=p53154187368&a=350855713
Good plan. Hope it’s down from here. Ready to get this thing over with.
I’ve been scaling into DUST/JDST positions at lower prices too. I have a similar strategy. It’s all about playing the odds, just like when I went long GDX in late September. It’s hard to nail the exact bottom or top but you can always put the odds in your favor.
gdxj short based off daily.. 22.90 have a shorter term chart 23.17.. try and post chart later.. gold watch 1188
gdxj shows 23.17 on short term
gdx possible resistance on 16.80 short term.. this area of resistance is unproven as its based of a new trend slope … also posssible resistance at 16.88
gold has hit the resistance on the daily on my chart .. however, short term shows 1188… gdxj.. has hit resistance on the daily.. ..im not sure how this rally can continue to last today
Thnx for all
http://charts.dacharts.net/2015-10-14/d1060.png
here is gdxj short term.. price now at 23.21.. moves up a little as time goes by.. this is the most proven slope to me on the short term
another note… dollar is approaching support on the daily.. it lies at around 93.77
http://charts.dacharts.net/2015-10-14/d1060.png
gdxj… resistance hit…..
http://charts.dacharts.net/2015-10-14/d1062.png
i posted the wrong chart before…
Much better
will post charts on this in a bit…. but i have 3 different charts for gold….. and resistance was hit on all 3 of them… with two of them correlating with the 1188 area…. to be precise .. one had 1187.9 and the other 1189.4 .. i have dollar support on the daily at 93.77.. it hit 93.86 today.. its very close to support.. im still thinking that top line will hold on gdxj unless it gaps above it….. but then i wouild be on look out for one of those classic island reversals…. .. one question would be is do we get a 3 push top .. this would be push number 2.. i dont know on that.. but have noticed with prior tops we sometimes get a 3 push move
Looking forward to it.