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For You Elliottician's Out There...


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#1 fib_1618

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Posted 22 December 2018 - 09:17 AM

What do you think...pretty much textbook??

 

Fib

 

goldbpi.png


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#2 Smithy

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Posted 22 December 2018 - 11:32 AM

Fib, you may be right. Here's another perspective.

 

12-22-18-weekly-gold.jpg
 



#3 dougie

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Posted 22 December 2018 - 06:08 PM

that sis some pretty clear counting. Down she goes if so.



#4 senorBS

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Posted 22 December 2018 - 08:16 PM

Fib, you may be right. Here's another perspective.

 

12-22-18-weekly-gold.jpg
 

now that chart looks like a really nice 5 up worse case IMO up to this point, I think there are different and valid ways to count the chart Fib posted, but not the one above. However there can also be differences in Close only vs bar charts as often overlap for an example does not shown on a line but will on a close on bar. My dos centavos

 

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#5 gannman

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Posted 23 December 2018 - 06:48 PM

my opinion the bottom is in and once gdx trades about 22 we should 

 

see a strong advance. i am not bearish at all here on gold or gdx 

 

i am very bearish on stocks


feeling mellow with the yellow metal


#6 fib_1618

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Posted 29 December 2018 - 01:04 PM

Continuing this exercise, the above chart was updated for week ending 12/28.

Fib


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#7 Smithy

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Posted 29 December 2018 - 01:51 PM

Fib, as I've said you may be right but one flaw in the bearish position is that gold is in a roaring bull market in the other major currencies. My view is that USD priced gold is starting to join in.



#8 senorBS

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Posted 30 December 2018 - 10:03 AM

Fib, as I've said you may be right but one flaw in the bearish position is that gold is in a roaring bull market in the other major currencies. My view is that USD priced gold is starting to join in.

I agree that gold is bullish as is silver, one can always "find" a bearish count if they want to, I would not be surprised if we see a pullback near term but that's about it to the downside IMO

 

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#9 fib_1618

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Posted 30 December 2018 - 10:34 AM

All that said, Precious Metals bulls have several problems here that go against the grain of what we've seen in the past.

 

For example, note that the BPI on the chart still hasn't given a buy signal as yet, no less, the precious metals stock A/D lines have not been leading to the upside.

 

Then again, the expectation of a December bottom by other means may be in play here, but may only be temporary given that most of the advance has been "crash driven".

 

I'll be posting an update on the A/D line later this weekend in a separate post to provide better clarity.

 

Fib


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#10 gannman

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Posted 30 December 2018 - 02:48 PM

the actual elliott bottom in gdx and gld came in nov 30 imo . we will see if that is 

 

true


feeling mellow with the yellow metal