Loading ...Guru Update – Mostly Wrong!
The charts confirm what the minority have been saying here for the past couple of weeks…we are in an uptrend and the consolidation has been healthy and support can be bought. Meanwhile the Savages of the world are getting paid to give people the wrong advice while we are on the right side of the trade and it’s a free public service thanks to FGC 😉
AEM breaking to fresh highs today out of what was indeed a healthy consolidation.
From original my post………….
Right on!
Mark- well done. Do you still have a 240 target on NUGT in about 5 weeks? If so, that would be the time for the real consolidation if not an outright nasty correction to unfold which may take us up to the beginning of fall before it concludes? Thanks as always for your insight and provocative posts.
My chart is still consistent with resistance at 240 on NUGT. I really am not a guy to give time predictions…I just buy support and sell resistance but have no idea how long it will take to get there!
Good enough for me:)
That was suppose to read insightful and provocative posts.
While we’re at it, do you happen to have a target both in time and price for ERX? With the dollar moving down hard, I would think oil will eventually move higher before a serious consolidation.
added a new post and chart for you at the top.
I hope you’re right Mark,but I have a few doubts that the correction is already ended.
Somebody is dead Mamare…as in DUST Holders
eek
I really hope so,I’ve just sold Kaminak , the rest is flying 🙂
I saw that Savage wrote the following today on The Smart Money tracker:
“Just as I expected the jobs report was the trigger to push the dollar down into its daily cycle low and for the short term bounce in gold.
Don’t fall in love with these moves as both are going to be counter trend moves that will reverse soon. 4-6 days then the intermediate trends will resume.”
This guy must seriously hate looking at charts! How does a statement like that pass the red face test when the price action looks like this in the charts????
http://stockcharts.com/h-sc/ui?s=%24XAU&p=D&b=5&g=0&id=p47730447677&a=408498132
I wish you guys had never mentioned him. I had never heard of him until May and now I occasionally glance at what he writes in the same vein as having to look at the horrific traffic accident when driving by on the highway 🙁
Mark, LOL. Imagine “Counter Trend” moves in a Bull Market… I feel sorry for his Subs who are missing this move.
Hi Mark,
Are you looking for some kind of 5 wave stair step structure on this? Up, consolidate, up, consolidate, up?
That’s really not the way I look at the charts. When I see resistance (or support, whichever case may be) converging on the metals, miners, currencies, and bond charts, that’s how I will know to ring the register. I don’t know why some analysts choose to put together these idealized or fantasy trajectories and paths up and down to certain targets….that really is just made up stuff and really serves no purpose. We just need to look at the charts each day and see what the market is delivering and respond or adjust accordingly. One dimensional analysis is the opiate of the masses because it’s easy to understand but it can kill a portfolio.