its time for a new thread!
Posted 21 October 2011 - 09:50 AM
Posted 21 October 2011 - 11:13 AM
Posted 21 October 2011 - 02:20 PM
Gold "In Persective" from Gary at:
in this piece the guy uses all the catch words that were used by top analysts to miss the move. too high too fast. yes , the market should march to the beat that they have set for it. this to me smells of a guy who is destined to miss the market. in the final parabolic the market will gallop and not to his drum or mine. lets see 1. if we have bottomed and if so 2 how this leg unfolds.
watch out, be careful of guys who have a plan for the market. reminds me of prechter, who has not been right on anything for decades.
Posted 21 October 2011 - 09:47 PM
Posted 22 October 2011 - 12:12 PM
Posted 22 October 2011 - 05:36 PM
nice stu though more down is in store per your WM, no?
Yep - and it can "stay down" for awhile if it wants to - the buy signal comes on a move up through WM %R -80 and is confirmed with a WM %R reading above -50 - but this is a monthly chart and I will rely on the Weekly and Daily in this price area for signals.
Bottom line a MAJOR BUY POINT is at hand! ..and Buying here, and if it goes lower Buying more is how you accumulate positions for the move higher, which should last 3-4 years!
Gold could bottom early this week with one more move down (maybe just below 1,600 intraday) to finish it's a-b-c unless Wave 5 extends lower (whether it's a complete a-b-c for Wave 2 or just Wave A - doesn't matter here - it's up we go for Wave B or Wave 1 of 3)
However, it would increase the chance of Wave 2 if we at least "tag" the 23.6% FIB line at 1,516 IMHO:
Falling short of 1,516 here on this swing would keep my primary count above intact. I would prefer a move into this FIB zone here no matter how painful over the short-term!
This Trendline Chart has four(4) touches - 2 from below and 2 from above and rests now at just above 1,500 - a drop here into the pink range could satisfy the 23.6% FIB and reinforce the importance of this trendline:
A break below this trendline would be very Bearish IMHO and I will act accordingly.
COTS are bullish - sentiment is in the crapper - all we need now is "that sinking feeling" we all get near or at bottoms!
Posted 22 October 2011 - 07:21 PM
Posted 22 October 2011 - 11:01 PM
sinking feeling ? feel like my feet are in cement boots ...
thanks for the nice analysis
This chart sort-of "puts it together" for me for the short term (flip-a-coin ). But below 1,520ish :