Goldtent TA Paradise

Well Here We Are

1. Northstar says:

   October 15, 2019 - 5:37 pm at 5:37 pm

   Looks good Fully

2. pedro_deleon says:

   October 15, 2019 - 5:51 pm at 5:51 pm

   In EW land, that initial five waves down GUARANTEES another five waves down in the weeks to come.
   After this correction. Which looks like a (B wave) triangle needing an E leg up to complete. (Need not be, though)
   Rules if a tri, are that it won’t reach the upper.
   If the tri completes per the rules, it also guarantees this a correction, not the start of Z’s drop to 700.
   Why? Because triangles cannot appear in a second leg. B or 4 only.
   So this would mean B. C will still get ugly though. And none of this will FEEL like a mere correction. (To Longs)

   • Fullgoldcrown says:

     October 15, 2019 - 6:00 pm at 6:00 pm

     With respect Pedro…This is why I don’t consider E Wave.

     Too many complex rules.

     I have NO idea what you just said

     🙁

     • Bikoo99 says:

       October 16, 2019 - 5:53 am at 5:53 am

       I do not take pleasure in this summary from a EW analyst call:

       10/15/2019: “For the bigger picture, the bearish Elliott wave count expects a new downwards trend to last one to several years has begun already, or may begin after one more high. Confidence in this view may be had if price makes a new low by any amount at any time frame below 1,346.45.”

3. Karl says:

   October 15, 2019 - 7:17 pm at 7:17 pm

   Personally the way I would do it (and the way I am doing it) is some combination of one of the following two:

   1. Use charts such as the one shown to hedge and clean the portfolio. Namely, realize that it helps to advise you sell stuff that you should get rid of and cautiously buy stuff you have been researching (but need to be prepared to sell). By research I mean studying some fundamentals to the extent you can as well as examining the charts in multiple time frames.

   2. Just sit on cash that you have been accumulating having sold as things went up too fast and then when they started coming down. Watch what happens. If you (like me) continue to own a lot, think of which ones you still might sell, and which ones you might buy. No need to feel forced to buy (or sell) just because of a single chart. You can “sit” on cash as well as on stocks. Just sit and watch. There’s no need to force yourself to do anything, really, unless one of the most extreme situations is about to occur (there are never guarantees).

   As I’ve seen more than one person write in more than one place recently, for many people in this sector cash is the best hedge and the best way to handle uncertainty.

4. Todamoon says:

   October 15, 2019 - 8:04 pm at 8:04 pm

   If the neckline breaks we go to 12.5 ouch

5. Karl says:

   October 15, 2019 - 8:41 pm at 8:41 pm

   First, before I issue further dissent, let me thank Fully for providing this service in general and the post in particular, which provides an opportunity for thinking and discussing.

   While I appreciate the idea behind the suggested move–you buy and get ready to bail as needed–I’m not sure there’s a lot to back it up as opposed to having taken this stance some other arbitrary time or price, even assuming one wants to trade XGD at all.*

   Classically (per Edwards and Magee I think) one does not consider a formation to be present unless it has been completed. This one has not been completed. The price would have to be above the upper black line. As far as the utility of the various formations, I’ve seen thrown around that their reliability–and this I believe would be for completed formations–would be 70%. And who and where and how etc did the 70% figure come from? Is it at all reliable and under which circumstances?

   This particular incomplete figure has been commented about in various places. One might think that some big players might even choose to game the situation such that they would try to push the index down right after speculators bought following the strategy suggested, triggering stop-loss sales. Thus a purchase at the suggested price might even be a particularly **bad** strategy as opposed to buying at a price or time over the next week determined, say, by a random number generator. But I don’t know these things.

   [* I don’t like indexes, mutual funds, and ETFs. I think you get more out of a bunch of stocks you carefully select yourself if you know what you’re doing and you have time. Also, if you’re a US person I think you may run into tax troubles holding a non-US ETF or mutual fund more than 30 trading days, but I am no expert.]