Loading ...Silver EWT analysis continuation request
… to Sir Pedro D. I always believe in follow-through analysis. Whether yesterday’s take and today’s update goes wrong, or right eventually, who knows? But we should learn and establish new positions (whether as a trade or long term) as we learn
https://goldtadise.com/?p=599927#comment-128293
The other even more interesting chart is IWM, where the gap filling got aborted, but methinks this is a fake-out to the upside.
In Dow, a rounding top pattern, already down 130 or so points from intra-day high. The day and the week is still young.
The biggest move today has been the DXY. Even though Dow gave up some gains, DXY continues lower intraday.
Since I read a lot of Tweeters regularly, I’d like to give credit where credit is due. ( https://twitter.com/hajiyev_rashad )
DXY:
https://tinyurl.com/5n78v7k8
PMs: (pinned tweet, so the guy is “pinning” his credibility on it)
https://tinyurl.com/5hw7u86a
Thoughts?
GL
My comment yesterday was not a comment about specific trades.
It was narrowly focused on the potential misuse of EWT in its application as a trading tool.
I simply stated that the groundwork for that EW count was not properly laid.
That doesn’t mean it was wrong, but it certainly meant it did not deserve any weight.
Part of the problem with EW is that its very easy to toss out plausible counts without doing sufficient work to validate them. That part is hard and its why I don’t do EW myself. But it is a common language (and easy to learn the language itself) so I do use it relay what others see who use EW in a careful way with discipline and rigor. Absent that rigor (or a reputation for it), its best to evaluate an EW practitioner with extensive backtesting before relying on them.
All good points, Sir Pedro. Was not criticizing your reply to my post yesterday.
I’m just learning from you, as I’m learning from a hundred other teachers.
GL
My system delivered a VLT reversal buy signal for SILJ on Tues.
SILJ has been a notable laggard, so this is significant.
I don’t scan my system for these; they are too infrequent. I just spot them by serendipity.
If that stands up (signal is pending EOW and EOM), then that wave 2 bottom warning signal would have been a winner, and a timely one at that.
Sir Pedro,
Many thanks for sharing this very very valuable update. I’ll post a link to this thread in a new post as it is now buried in the (Xi) heap, but still is helpful for those Tenters that like to buy after (multiple) confirmations. Of course, I am a believer is buying when there’s blood on the streets.
GL