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Posted 19 June 2018 - 11:05 AM
this leg down in gold looks like a 4/5, very oversold with divergences basis 1-8 hr technicals. HUI eked out a new low (wave c?) below May 21 low (wave "a" from April high?) and so far has reversed decently up of that low. Very important action here, still favor the bullish side
Senor
Member
Posted 19 June 2018 - 02:18 PM
my ewave count says gld should bottom right here
that is a big fwiw because every other count has failed ha ha
so why should this be any different
Member
Posted 19 June 2018 - 08:45 PM
"… smithy just as the moon pulls on the tides so to do the former significant highs and lows."
dharma, you have me scratching my head. You mention support at 1261 and talk of prvious significant highs and lows. Well, yes, on 10/7/17 gold made a low of 1261 but why choose that one over the low of 1237 on 12/12/17? Or, are you choosing ALL intermediate highs and lows as S/R?
Member
Posted 19 June 2018 - 08:47 PM
Senor, I'm with you on the overall bullish outlook for gold but I can't make sense of the corrective count since the Jan 24th peak.
Member
Posted 20 June 2018 - 08:46 AM
Senor, I'm with you on the overall bullish outlook for gold but I can't make sense of the corrective count since the Jan 24th peak.
If I look at a daily chart from early April high this looks like a possible 7 wave decline ending, and what I can add is that this last sharp leg down from 1309 looks to likely have ended 5 down overnight with a marginal new low as 1270.30, got a big time oversold and divergence coil going across the spectrum, daily RSI is at levels of previous important lows over that past 2 years, DSI is showing pervasive bearishness, and miners again diverging with the new gold lows and dollar index looks about done to the upside. No guarantees but death and taxes but this is how lows are registered. we see
Senor
Member
Posted 20 June 2018 - 09:28 AM
Senor, I'm with you on the overall bullish outlook for gold but I can't make sense of the corrective count since the Jan 24th peak.
If I look at a daily chart from early April high this looks like a possible 7 wave decline ending, and what I can add is that this last sharp leg down from 1309 looks to likely have ended 5 down overnight with a marginal new low as 1270.30, got a big time oversold and divergence coil going across the spectrum, daily RSI is at levels of previous important lows over that past 2 years, DSI is showing pervasive bearishness, and miners again diverging with the new gold lows and dollar index looks about done to the upside. No guarantees but death and taxes but this is how lows are registered. we see
Senor
in addition literally every miner index/ETF I look at barely registered a new closing low yesterday from the April highs with few exceptions, so all these miners "might" be in sync and up to this pt these declines look corrective and NOT impulsive, we should rally soon IMO with no excuses. However any sharp and sustained decline below GDX 21.90-22 area would IMO open the door for more bearish action and I'd likely lighten up considerably
Senor
Member
Posted 20 June 2018 - 10:51 AM
hgnsi was negative yesterday. dsi is below 15 , levels not seen since the dec 15 lows! the internal state of the market w/gold making new lows for the year , while the rest of the sector is nowhere near new lows for the year, this is a positive divergence . and w/sentiment at extremes , its time for the metal to head north, my aim here is buy stuff that has momo divergences on my 9bar wilder rsi. from oversold. the sector is screaming "buy "at me. since the highs in gold , gold is now at near a 100 sale. oscillators are oversold
i dont know what else can be seen here, except for prices rising
dharma
ps. can someone please alert the president to history. no one has ever won a trade war. and in fact everyone loses. he is possessed w/winning what history shows has never been won!
Member
Posted 20 June 2018 - 11:53 AM
But if Trump is successful and gets the concessions he wants the stock market will soar.
Member
Posted 20 June 2018 - 03:29 PM
IF silver breaks out of its weekly triangle to the downside, then I expect it to go back to the old low at $13.50.
I'm still in the bullish camp that it will break to the upside.
Member
Posted 20 June 2018 - 05:05 PM
IF silver breaks out of its weekly triangle to the downside, then I expect it to go back to the old low at $13.50.
I'm still in the bullish camp that it will break to the upside.
I am thinkin it might need a quick low just below 16.05 before it bottoms and perhaps reverses higher
Senor
