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Like NS has been saying… it’s time. The run up from March lows was legendary.
Now, we spike and correct (the spike necessary to overcome the weekly defined bearish divergence will bring us in overbought territory, which will trigger it’s own wave of down pressure)… or correct now then run up.
Monthly chart and quarterly still look great.
But if you wanna get scared out of your positions… look on weekly and below!
I’m holding on for now Patrick, but ready to react fast. The next drawdown is worth taking advantage of I think.
That is the way to see it. Those that worry have either too big a position size, and have not accounted for any meaningful pullbacks. And from experience I have learnt that is a disaster waiting to happen. Hoping the price never pulls back and goes on to the heavens forever! Some do get lucky and enter SUPER early.. and pullbacks happen higher up on the ladder, so the correction chews on profits, not below the zero line. I guess that is why a pyramid tumbles.. FOMO.. lots getting in on top.. margin calls… need to sell. and create a spiral downwards. You don’t wanna be that guy.
I don’t get it. Are you saying we’re due for a sharp pull-back – but if positioned properly simply sit tight, but if not, unload and buy at lower prices? I’ve reviewed dozens of individual gold/silver miners’ stocks and with the rare exception, they are all well below being overbought. In fact, that might be a concern, with the moves up in gold and silver, the stocks seem to be lagging. A non-confirmation? Do we need yet another hammering to clear out the overweight of bulls??
WTH
One way you can remove bearish divergence with time and small correction… or less time and bigger correction. Weekly charts shows bearish divergence is setting up.. the pullback will be at weekly defined levels.. hence not as important as it would be on same setup with a monthly chart. Other way is to spike above… making us test higher up resistance. Those are the 2 scenarios. Need to let play out.