Loading ...Gold Top Tomorrow?
Gold could be putting in it’s backtest high tomorrow…many charts look like they are retesting some areas. I like the confluence of magnets at 1269-70 but shall see. Hoping to see a minimum 12% decline in Gold over the next couple months before a big 300-400 rally in 2019. GDX backtest area is a little muddy but I like the 21.60-22 range to short from. Let’s see how it shakes out.
DUST looks like a 4 pt falling wedge retest while JNUG looks like a 4 point continuation building under the broken triangle. I’m hoping to get DUST at $22 tomorrow with an easy stop.
EDIT- sold jnug at 9.14 bot dust at 24…looks like 23 was it for dust. See if any games get played today. NUGT gap filled- https://www.tradingview.com/x/0qQgLGNK/
Nice chats!!
One of the weekly EW count calls for the same low before moving higher. This the only bullish count. So gold has one more low to content with before cycle wave b is complete.
Thanks Bikoo, that’s the plan until market proves it wrong to me.
I closed the balance of my DUST short out yesterday – always worry after the fact about being too early or bailing just before the “big” move up – your post reinforces what I am seeing (and feeling). It’s going to be hard to short the PM’s here mentally – so probably the exact correct move – I will probably try to short NUGT 19-20 range, FWIW
I have that ‘feel’ of a bottom forming in the broads – at least for an IT-type bounce and major retrace of the overall decline (50% FIB or more?) – I think we need one more “scare” and would like to see VIX spike towards 30-35 minimum, the move toward bearish sentiment is beginning to gain momentum here, IMHO
prob smart on your part and thanks for sharing what you see. I decided to hold the jnug because golds move looked incomplete. This gold move is also wrapped in the fibonacci spiral with fed day coming 89 bars from the low but there is a chance it doesn’t finish until 12/21. Futures and spot got out of sync because of presidential market closing…so im not sure which count to follow. I’m counting on a big market rally into the week of 2/18/19…maybe enough to fill out a right shoulder, something like this https://www.tradingview.com/x/XcLnaoui/
NUGT didn’t take long for one obvious target. https://www.tradingview.com/x/nVDakOr3/
So far so good!