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bottoming process continues


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#11 K Wave

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Posted 29 November 2018 - 07:56 AM

Its all about follow through here today on silver.

 

If we get it, then very decent possibility bottoming action is finished.

 

If not, the downward drift continues for a bit longer.

 

An hourly close above 14.45 on March Silver might just get things going upside....



#12 dharma

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Posted 29 November 2018 - 10:45 AM

good to see you kwave

powell seems to have blinked

if stubabys count on the miners is correct, ie we finished a diagonal in the mining indexes . then the rally can only be counted as 1-2 .i-ii 

some thoughts on the economy

1- marty is touting the dollar  well these heavyweight forex guys are taking the other side https://gracelandupd...18nov29usd1.png

2- that leads to this "when you create debt, you need to find someone who will buy it. and that means you have to look into the global availability of capital!

 

we need to see the sector impulsing up.. we have 2-3% growth. next up commodities in a bull market

dharma



#13 stubaby

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Posted 29 November 2018 - 11:38 AM

I wanted to carryover the links to my charts from the previous thread:

 

http://www.traders-t...rally/?p=791704

 

I would add a 3rd possibility - "still in Wave 4 of C of 2"  this count is actually showing some nice balance and cannot be ruled out until we exceed 76.39 on the upside.  

 

http://schrts.co/bJ7kG7

 

stu


GOOD LUCK - the 'Galloping Gertie' syndrom about to hit the US and World Financial Markets over the next 2 Years - Batton down the hatches! Galloping Gertie - Public StockCharts List

#14 senorBS

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Posted 29 November 2018 - 07:52 PM

Agree with the thread topic that this is another Dec/Jan "bottoming process" and some stuff has already bottomed - classic Senor "UGLY" bottom scenario. Lets not forget the huge basing action that remains ongoing in GDXJ and others since 2013/2014. IMO this could grind on for days/weeks or rally sharply at any time, I do believe at this time that downside risk is just not that high. Don't like to correlate markets too mch but I do think the DXY may be the best "tell" as it appears on the verge of a potential big decline after yesterday's reversal. G20 now up to bat, I see some possibly constructive wave patterns but nothing high confidence, we see

 

Senor



#15 senorBS

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Posted 30 November 2018 - 09:08 AM

well if the recent gold rally was 5 up and the DXY 5 down a near term correction in gold should end here near 1219/1220 and DXY should top near 97-97.05, fairly impt near term juncture FWIW

 

Senor


Edited by senorBS, 30 November 2018 - 09:10 AM.


#16 senorBS

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Posted 30 November 2018 - 11:17 AM

so far "possible" gold and dxy "fives" intact, potential correction went a bit deeper than I thought, lots of crazy stuff here - GSR with another major hew high near 86.5 - lot of negative divergences. Have to wonder if the 13.20 SLV low is a possible wave 2 after 5 up from Nov 13? who knows but lets see if we might get a substantial reversal on this last day of the month

 

Senor



#17 senorBS

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Posted 30 November 2018 - 11:34 AM

R U ready to rumble?swoon.gif LOL

 

Senor



#18 Smithy

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Posted 30 November 2018 - 12:17 PM

"... lets see if we might get a substantial reversal on this last day of the month."

 

Good call, Senor.



#19 dharma

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Posted 30 November 2018 - 12:34 PM

the g20 shrimp fest is beginning.place your bets does trump come home w/a deal . or do consumers pay more in tariffs for what they purchase.

the pm sector is dead in the water.  i remember in 16 the miners had a 25% up day, and that was wave 1 . i have no idea when the market gets going. but i do see some aspects of the sector have bottomed. when the light goes on , its a small cap sector it will rip. until then its purgatory.  better to wait at this point

just my 2c or if you see the light  illuminate us

dharma



#20 senorBS

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Posted 30 November 2018 - 03:44 PM

the g20 shrimp fest is beginning.place your bets does trump come home w/a deal . or do consumers pay more in tariffs for what they purchase.

the pm sector is dead in the water.  i remember in 16 the miners had a 25% up day, and that was wave 1 . i have no idea when the market gets going. but i do see some aspects of the sector have bottomed. when the light goes on , its a small cap sector it will rip. until then its purgatory.  better to wait at this point

just my 2c or if you see the light  illuminate us

dharma

better miners doin OK as AEM and NEM are p a bit, KL my favorite and largest position  making new highs since mid NOV and the ******** ones getting tax sold as usual either making new lows like AG today or hanging above recent new lows - that "bottoming process"

 

Senor