Loading ...Up against ’em…
Two of these are mine.
Sir Schism created these two non stockcharts.com charts for me and gave me permission to post them.
Today’s action could be bullish beyond belief. These charts I’m providing may mean absolute squat!!
To me between gold and XAU and gold in several of the other currencies and oil/copper/etc. I see the “possibility” of this resistance holding and a major next leg down about to begin…
It may blow through these lines or it may not blow through them for a year or two.
To be determined…
Always good to have alternative scenarios at the ready!
Hi Chuck – here’s my $XAU Monthly and I am showing resistance from the apex of one of the triangles (actually the main triangle that formed after POR down) – however I am looking to move up to at least the 38.2% FIB since 23.6% was overcome.
http://stockcharts.com/h-sc/ui?s=%24XAU&p=M&yr=19&mn=11&dy=28&id=p80899274857&a=259871937
Thanks Patty.
Interesting charts, Chuck. It certainly looks like pm stocks are getting a little tired on a day like today, although I don’t see lower lows ahead in a C wave down. I think pm stock values relative to gold saw their historical-anomaly lows in Jan and won’t return to such levels in our lifetime.
I’m more inclined to view pm stocks as completing a “Running Flat Correction” (Ron Rosen) in Jan, as shown in the $HUI chart below:
http://stockcharts.com/h-sc/ui?s=%24HUI&p=M&yr=16&mn=0&dy=0&id=p56266901278&a=422502456
My EW read, which differs from Avi’s, thinks your lower “C” target has potential.
Only my EW count would designate it as a 5 (ending A of IV in my LT count). I’d expect a higher MACD relative to its recent lows.
My own system is nearing LT buys on DUST. More likely in early July, perhaps.
I try to get an early read on these things but that’s not always accurate.
Thanks for info. Even Avi thinks we may see lower lows or that’s what I understood from his last post.
Thanks for showing this. Have to watch for that.