39 replies to this topic

[dharma]

decided to repost this thread ! we are in a short term rocket ride, it could morph into the move to 1200 right here,this move has momo behind it. buckle up. arms and legs inside the vehicle. dharma

[senorBS]

decided to repost this thread ! we are in a short term rocket ride, it could morph into the move to 1200 right here,this move has momo behind it. buckle up. arms and legs inside the vehicle. dharma

Si amigo, if we get there then we have to be aware of other possibilities.

BSing away

Senor

[gvc]

Here is one interesting scenario authored by David Nichols:

http://www.kitco.com.../jun262008.html

[fib_1618]

Here is one interesting scenario authored by David Nichols

That would follow the ongoing Elliott count proposed earlier this week - now in iii of c of B - with a price objective of $951.00.

Steady as she goes.

Fib

[dharma]

Here is one interesting scenario authored by David Nichols

That would follow the ongoing Elliott count proposed earlier this week - now in iii of c of B - with a price objective of $951.00.

Steady as she goes.

Fib

could be that, it also could be we are in a 1 right here right now! this market will develop legs your 950 # is way too low. i am seeing pent up demand. little in the way of real supply showing up yet. @some point in the dollars demise, creditor nations will demand the dollar be backed by gold!
the hourly rsi here is telling me there is great strength to this move, it has gotten very overbought. but such high readings portend higher prices, and maybe much higher. dharma

[fib_1618]

it also could be we are in a 1 right here right now!

Could be, but unlikely given the previous 3rd wave extension where a more prolonged correctional period would be indicated just to provide overall balance to the pattern both with respect to time and price (reference the Elliott chart posted elsewhere).

It also could be a "B" wave flat in progress to challenge the old highs, but this would be unlikely given the interest rate differential between Fed Funds and the 2 year note which is gold's main stimulus and would preclude it from testing the May lows or the 4th wave of one lesser degree lows at around the $775 level (in case of an irregular flat).

this market will develop legs your 950 # is way too low.

Assuming that wave "A" of the triangle bottomed in May, here are the numbers:

"Intraday price basis from the March top to the May bottom x .618 = $962.28
Close only basis from the March top to the May bottom x .618 = $945.70

The High/Low/Close length of Minute wave A equaling Minute wave C = $949.00
The close only length of Minute wave A equaling Minute Wave C = $948.90

Taking an average of these price level targets would give a projected price target for the completion of Minor wave B at $951.47."

The beauty of this ongoing preferred count is that the precious metals stocks advance/decline line continues to support this consideration. And although the ongoing count proposal has been right on the mark for 3 years now using this same A/D line basis, like everything else technical, it's probably be better to work with it until it stops working altogether.

Besides, if this was a breakout move, both the silver and gold penny stocks would be moving in tandem, and they're not. When things are not entirely in sync, it's more than likely a "B" wave.

So...you're actually right on target with your posts of yesterday - wave iii of c of B

Everyone have a nice holiday week.

Fib

[dougie]

greaat work fib

[dharma]

on friday, the bkx, which is the proxy for the banks took out its 03 low of 60. the high on the bkx was 120 1/2 of which is 60, so 60 was major support. this i think will put a floor under gold. w/the banks under duress, gold will have another driver in place. and i think the shares are undervalued in relation to the metal, i think we see the shares get some mojo. they are overbought right here, but in bull markets they can get even more overbought. dharma

[dharma]

yes, living in the world of opposites: our leaders have a strong dollar policy? they neglect to raise interest rates to support the dollar. oil prices are too high! well beating the war drums on iran, certainly wont let a market seek its normal supply/demand equilibrium. throw war into the equation and it =s higher oil prices. the senate just passed giving the president 400million to destabilize iran through covert activity bkx the proxy for the banks is making new lows as i write this. it is below 60 the 03 low. banks are obviously in trouble. the central banks hold gold so should i. i am taking last thursdays-fridays action as a kickoff to a new move to 1k, thus the title of this thread. there will be corrections. i am looking for the 1200s this fall. dharma

[johngeorge]

Three major items that effect gold prices: Inflation Weak Dollar Banking Crisis We've got them all. I added AUY and SLW today. I could not agree more with you. Thanks for maintaining this thread. Best to you.