Loading ...Expect A Second Leg Down
I fully expect a second leg down in the gold and silver correction. I am using today’s bounce to lighten up some more just as I did before the first leg down. I don’t think it will be as steep or large as the first leg but don’t be surprised if the CRIMEX again raises margin on gold and silver contracts sometime between now and next week to exacerbate any decline.
Shouldn’t be as violent but should be lower
Would expect a HIGHER LOW…JMO
Past examples of declines such as what we are in typically have a 5-8 day bounce followed by a 2-3 week decline to a lower low. That’s the history, but of course anything can happen.
Karl below probably has the best approach
Could be setting up as a Bear Trap if we can consolidate at the neckline while chopping higher…may be seeing some positive divergence in the miners as well…
I’m not so sure, but I don’t care.
Good for you Karl… nerves of steel
More like brain of swiss cheese probably.
Actually it is more that I think (hope?) I have enough cash set aside and see a strong upward trend if I hold on long enough. Also I am not adroit enough to trade within the trend other than maybe to sell and buy some individual stocks.
No, both gold and silver should trade lower than the lows earlier this week. I believe gold got most of it’s decline out of the way but still a slightly lower low. Silver could drop a couple of dollars lower.
WatCH the USD for clues…
The miners are doing relatively terribly and the candles the last few days look sick. Still, we can bounce higher before heading lower. This could take weeks or even months to play out IMO and a sideways grind is always a possibility. As Patrick demonstrated, silver can trade anywhere from here down to its 12 month MA and the bull trend would still be within normal limits. There is no use worrying about it unless you want to trade this bull or you don’t think we are in a bull.