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AG & GLD Progress


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#1 thoughtpwr

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Posted 05 December 2016 - 01:16 PM

Although GLD & AG sold off this AM, GLD hit the same down trend lower channel line it hit on Thurs and is bouncing nicely off of it. AG, which is near a bottom formation breakout level at 10 is back up where it ended Fri. Let's see if GLD it can get out of the downward flagging channel over the next day or so that its been trapped in since 11/14. The downward flagging channel is normally a termination formation like a diagonal triangle and the count is currently at least 6 waves down in that channel where it can bullishly terminate if it manages to move out of the channel. 

 

A lunar bottom is scheduled for 12/13-12/14, coincidentally the Fed mtg dates, which is still a bit away, however, it never got the bounce it should have gotten at the last lunar minimum and was closer to reaching a bottom on the scheduled high on 11/29. Its possible that we get out of the channel in the next day or so and put in a shallow H&S bottom over the next week where it should be weak until 12/13-12/14.

 

Going lower than this AMs low would be troubling.



#2 gannman

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Posted 05 December 2016 - 02:56 PM

ag daily macd is positive gld to me is due for a bounce and then a retest low. wth a higher daily macd i have a fib turn around dec 22 dec 23 fwiw


feeling mellow with the yellow metal


#3 Geomean

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Posted 06 December 2016 - 03:22 PM

I closed my NUGT position yesterday with ST profit and won't enter back in until we see the completion of Gold's move down.

 

It appears that the market is tracing out an expanding ending diagonal for the last minute wave of this move ---beginning on the completion of minute Wave 4 at the 11/27 @ 21:00 CST bar high in the @GC hourly  chart with a minimum target of 1154.7 (and then ranging down to the 1.382 extension of Wave 3 @ 1140.6), for the compleltion of the move down from July.   We could see a spike down before the open tomorrow (a last specialist trap?).  We are nearing the end of the 40 week cycle low time window

 

The miner indices appear to be forming barrier triangles, so they could spike down to a higher low on the barrier line with a spike down in the metal,


Edited by Geomean, 06 December 2016 - 03:22 PM.

Opportunity knocks on your door every day-answer it.

#4 thoughtpwr

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Posted 07 December 2016 - 10:52 AM

Wed AM, the GLD has finally gotten out of the downward channel its been in and AG has broken out above 10 with overhead resistance at 11. If we get to 11 where the 20 wk MA is, I will sell Jan 12 calls to protect the position into the end of the year.