631 replies to this topic

[K Wave]

Gold Contract SLAMMED ON BLOWOUT VOLUME AT THE LOW... ACCELERATING... DOWN WE GO...

 

 

Bulls do not want to see hourly close below the bottom of that big volume stick....

[Smithy]

Hmm... to offer a different opinion, peak volume often occurs at a turn or yes, it can be acceleration lower.

The former is definitely a possibility.

 

Senor, a penny for your thoughts?

[K Wave]

Hmm... to offer a different opinion, peak volume often occurs at a turn or yes, it can be acceleration lower.

The former is definitely a possibility.

 

Senor, a penny for your thoughts?

 Yes it can. That is a potentially bullish reversal stick on the hourly, and this is the spot for possible turn back up to happen..

 

BUT...if it doesn't bounce, bottom could completely fall out here...

[SemiBizz]

Hmm... to offer a different opinion, peak volume often occurs at a turn or yes, it can be acceleration lower.

The former is definitely a possibility.

 

Senor, a penny for your thoughts?

 

Look at the chart, we keep seeing volume spikes followed by what?  Lower and Lower prices...

 

Accelerating Volume...

 

Don't fight it.

[senorBS]

 

Hmm... to offer a different opinion, peak volume often occurs at a turn or yes, it can be acceleration lower.

The former is definitely a possibility.

 

Senor, a penny for your thoughts?

 Yes it can. That is a potentially bullish reversal stick on the hourly, and this is the spot for possible turn back up to happen..

 

BUT...if it doesn't bounce, bottom could completely fall out here...

 

I tend to agree, given the oversold condition and "potential divergences" and wave count we really should bottom here and turn sharply higher, if we go below that early gold low we could really washout lower, I have reduced longs to 45-50% and have fairly tight exit points here on the rest. Feel like we are at the precipice, we have a lot of divergences into today's new gold and silver lows (1 hr to daily). once again it is no excuses time. My 2 cents

 

Senor

[gannman]

We are at zero point a strong move is coming one way or the other

There is no more wiggle room

[dharma]

we all want hanesty here. otherwise we are all spewing manure

it is entirely possible this blows out the lows 1238ish and we head lower.  

the bulls have fumbled numerous times.   it doesnt have to be today either

lots ofr support in the 1220s  on downmoves silver is the tail

lets see how it plays out. 

dharma

i have this as 5 down w/divergences on momo 

[SemiBizz]

2 things working here... first of all you can see the low was broken on HOURLY VOLUME, that is on the above chart and in the local context...

 

The Previous Low was made in the middle of the night on 7/2... and that was on no volume at all...

 

It hit the support on lighter volume and exploded higher when the volume came in the regular session...

 

That was an ENGINEERED LOW...

 

This one here BROKE that BENCHMARK ON BLOWOUT VOLUME...

 

This is engineered to fail.

[SemiBizz]

XAU ticked over the morning high at 81.02 and puked at 81.03

 

So 81 resistance - tough.

 

Falls straight back to 80.54 in an hour...

 

Gold Day ends in 45 min...

[senorBS]

what I am worried about is that this huge sideways pattern is a bearish contracting tri in stuff like GDX and GDXJ and we will at least thrust below this years low or perhaps even the Dec 2016 low in those indices. Little worried that things like HUI and GDX/gold ratios are rolling over as well, down to 25% long, maybe I am a contrary indicator here but feels "heavy" here in the miners, still a chance at a really good low but rather play it safer for now and I am traveling next week as well, as always DYODD

 

Senor