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bottoming process continues


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#1 dharma

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Posted 27 November 2018 - 04:01 PM

what i think i see here is some miners, silver to have bottomed while gold may have gdx , and mining indexes have not demonstrated they have= a confusing sector that  is directionless.  the market cant prove bull market action. it sputters spurts and fails

 we are well into a bottoming process

Avi has some more realistic charts here https://www.elliottwavetrader.net/images/charts/201811/full-36a05d8989baf21b5f2e082c88a50d2cc2bb8251.jpg 

december has produced the low since 15 will this december be the low or bottom for the market. and change to impulsive waves up????

dharma



#2 dougie

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Posted 27 November 2018 - 09:06 PM

what i think i see here is some miners, silver to have bottomed while gold may have gdx , and mining indexes have not demonstrated they have= a confusing sector that  is directionless.  the market cant prove bull market action. it sputters spurts and fails

 we are well into a bottoming process

Avi has some more realistic charts here https://www.elliottwavetrader.net/images/charts/201811/full-36a05d8989baf21b5f2e082c88a50d2cc2bb8251.jpg 

december has produced the low since 15 will this december be the low or bottom for the market. and change to impulsive waves up????

dharma

i thought he was recently arguing that the bottom was mostly in. THis instead looks like a pretty decent sell off in store, what another 20-30%?



#3 dougie

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Posted 27 November 2018 - 09:08 PM

Seems to me his count is the same as Stubabys



#4 johngeorge

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Posted 27 November 2018 - 10:12 PM

$GDM seasonality chart: https://stockcharts....php?symbol=$GDM

 

$GOLD seasonality chart: https://stockcharts....hp?symbol=$GOLD


Peace
johngeorge

#5 dharma

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Posted 28 November 2018 - 10:43 AM

@ this point it is possible that we have bottomed, but we may not have bottomed. its why i labeled the thread bottoming. bottoms can be a process. , which this one has become.. we will see. the thing about attaching your star to another trader is . you have to be current w/the other traders thinking to know exactly where they are. . avi is on the fence.  But he does see the long term set up for gold . 

the action in the market is inconclusive for me. i want to see clear 5 wave impulses up to indicate a bottom is complete. until that happens i am on the fence. in the meanwhile the miners are getting decimated.  they are @ prices when gold was 6-700 

patience here or it could be costly

dharma



#6 dougie

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Posted 28 November 2018 - 01:09 PM

yep best to look for clear impulse.

some interesting action here



#7 dougie

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Posted 28 November 2018 - 01:30 PM

the move off the 23rd in GDX now was an ABC not a 1-2-3



#8 johngeorge

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Posted 28 November 2018 - 03:25 PM

"patience here or it could be costly"

 

Added to my JNUG position last week.  So I best heed your sage advice dharma.  Also I have been trying to pick up a small position in ABX on the cheap recently........missed a chance early this am as I had an appointment at the time. 


Peace
johngeorge

#9 dougie

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Posted 28 November 2018 - 04:08 PM

IF abx takes out 15 with any vigor and she could run.



#10 dharma

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Posted 28 November 2018 - 05:47 PM

webinar!   i was making and eating my lunch during the webinar so this is what i remember

 so in summary of the webinar. their conclusion is similar to mine and joels bottom line parts of the pm complex has bottomed parts have not. providing the lows in gold hold, ie 1160 , then they do not expect prices below 1k . from the 11 highs , the dec 15 lows marked the end of the bear market and the 16 rally is wave 1 up the subsequent decline is wave 2 which is probably not complete in some miners and the mining sector(they did not touch upon silver) . and thus w/a 5 wave impulse up off the august gold lows. will be 1 of 3 , then a correction w/3of 3 to follow .they emphasized gld is not a trading vehicle , which had been elaborated upon in the webinar and on this board as well. they are looking for a 5 wave advance to begin once a lower low occurs in some mining stocks(not abx eg) and mining indexes . they showed some ratio charts which joel is a master of , and has many more than they used in the webinar. they talked about leverage and thought it best to wait for a completed 1-2 structure which makes perfect sense. so guys , and gals, we are not that far away from the fuse being lit. certainly , assuming new lows in gold do not occur 19 should be the initial blast off. i suspect that once things start , it will be much more swift than 99/or 01 to 11 was fear will be heightened.

dharma

some of the thoughts are my own 2c at the end here