72 replies to this topic

[tria]

tria , thanks for the updates, its good to know consumer staples are readily available.

stubaby, that pennant has been a topic of conversation for the hoard of technicians out there. unfortunately, it has gotten too deep into the apex of the triangle to have any power. the pattern, in this case may be a hook. i will do my homework tonight , when life quiets down. but that pattern is textbook edwards and maghee .
dharma

dharma et all.,

I think 1,680+/-5 will be visited by this week's GLD & GDX, December, options expirations date. As for your observations about the very popular "Gold Triangle Inc." Society, I coudn't agree more with you. Many of its members will go for the bait.

tria

[stubaby]

Another "infection point" for Gold - It appears that today was the 'kick-off' of some sort of Wave C for both Gold and the broads. Key levels to the upside are now 1,667 and 1,704.

Two(2) best fits for the above action:

We are currently in Wave 4 of C of 2 with Wave 5 of C of 2 ahead:
http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&yr=1&mn=0&dy=0&i=p75242258115&a=251442954&r=616.png

We are currenctly in Wave 1 of © of B and when Wave © is complete - Wave C to follow:
http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&yr=1&mn=0&dy=0&i=p75242258115&a=251439079&r=863.png


I still believe that we need to see a "new low" (1,516 or 1,450) to complete this corrective.

stubaby

[dougie]

not sure if we can rule out the possibility that wave 5 of 3 of C is over (or the e wave in sceanrio 2: one other scenario would be sharp down into year end now. then up into January.