Setting up to go short
#1
Posted 07 February 2004 - 11:02 AM
My mini analysis would read as follows:
Gold Miner - Bearish
X-Dev - Bearish
Elliott Wave - Bearish
= short trades on the XAU would produce the best odds once short term indicators become overbought.
Looking at the P&F chart the Low Pole Reversal is still in tact but the XAU is hitting trend line resistance. As long as the P&F price stays below the trend line the price objective is 80 and signaling that short trades are best.
#2
Posted 07 February 2004 - 11:25 AM
#3
Posted 07 February 2004 - 12:33 PM
#4
Posted 07 February 2004 - 10:51 PM
#5
Posted 08 February 2004 - 08:47 AM
That's ok Nado, I can't tell the future and I'm just posting what I see in the charts. I try to keep an open mind because I know that I don't own the holy grail. When it comes to estimating the time frame of these moves I tend to be early which is a result of my lack patience. I do want to note that a short position based on Ryan's EW counts would be considered VST (very short term) which would take the XAU to a new low, after that I would make a wild guess that the index bases for a few months before choosing a new direction similar to the previous pattern.Hi Gold Miner
I alawys read your posts with great interest, this time i disagree with you. i think gold will go uptrend for 1st week of april then we will forget gold for next half of the year.
Thanks
#6
Posted 08 February 2004 - 09:16 AM
Hiker, if your refering to gold and silver mining companies when you say "miners" I would say yes I think they sell off more. On a few boards I frequent folks had bought last week and with the recent pop they should be break even or in the black slightly but the ST trend is down which makes long trades risky. If these guys are adding to long term ports then I would say that they selected a reasonable area to enter. It's easy to say someone goofed after the fact but I remember when they were posting about their purchases and thought that they could be right and we continue up from there. Only time will tell.. lolGM - thanks for this great info.
Do you extend the thinking that XAU is likely setting up for a sell signal to the miners as well? I noticed that many posters have been adding to longs recently.
thanks!
#7
Posted 08 February 2004 - 01:06 PM
Ted Burge on Stockcharts.com shows a double top "M" on the $xau with 101 being an important point. Check it out for yourself. It's the 3rd chart down.
http://stockcharts.c...et?obj=ID445101
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#8
Posted 08 February 2004 - 01:27 PM
#9
Posted 08 February 2004 - 01:30 PM
#10
Posted 09 February 2004 - 03:46 PM