285 replies to this topic

[dharma]

dollar up , gold up gold is up in all currencies today dharma

[dharma]

watching for clues. mining indexes oversold on hourlies @65ma on hourly charts. trendline on gdx, eg, below 60 broads very very weak leaders breaking down. have cash waiting to deploy if conditions indicate bottom, too early yet. watching!WATCHING! DHARMA

[stubaby]

Well here we are - clear 5 Waves Up complete off of 1,535 lows - is this Wave B with Wave C to follow or Wave 1 of a new impulse higher?
http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&yr=0&mn=6&dy=0&i=p42619314311&a=242428569&r=8890.png

http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&yr=3&mn=0&dy=0&i=p90894153505&a=232993438&r=216.png

or still in Wave 4 off of triangle:
http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&b=5&g=0&i=p68705968139&a=243888985&r=4005.png

We should know by the end of next week! My vote is for Wave 4, FWIW


stubaby

[dharma]

i have raised some cash on this past rally, so i am prefacing what i am about to say by i am just sitting. i think that i understand markets. and selling weakness is not the road to riches. buying strength is also not the road to riches. i will redeploy the cash when i think it is technically forming a bottom. so for now i sit. now the charts stubaby posts above are the dilemma. the 1st one shows a bullish 5 wave move up. now here is the problem for me. while that is a possibility, it doesnt have the right look or feel to itl. it looks to me like a 3 wave upmove. which is what his 2nd chart is displaying, w/ a c wave washout to follow. i dont know which of these 2 will play out. so, i will sit and look to redeploy $$$ if the 2nd one comes to pass the miners are in a big lengthy high price consolidation for the past year, when this pattern breaks to the upside the miners will finally show price appreciation. until then its range bound. .382 of this correction is 1728 and .5 is 1704 so i am watching those #s . over 1800 is now the its all clear sign. below that and below 1773 the downside is in play. if you have other or better ideas here, let em rip! when gold revaluation comes into play, higher prices will be a reality. i am somewhat skeptical about some of these 10k #s being bandied about. but i know i dont know so i let the market guide me and right here , right now this may have been just another top in the bull market. its a process and takes time, but the loss of confidence in government is more palpable daily. dharma

[johngeorge]

dharma

Afraid I can't add anything new to the idea inbox today Like you I am still waiting and watching. One stock that I am watching to start a position, when the time comes, is PXZRF. It took a huge hit this am along with downside yesterday. I like it for a long term hold. I have no position at this time.

Thanks for all your work on the threads.

Best to you.

[tradermama]

i have raised some cash on this past rally, so i am prefacing what i am about to say by i am just sitting. i think that i understand markets. and selling weakness is not the road to riches. buying strength is also not the road to riches. i will redeploy the cash when i think it is technically forming a bottom. so for now i sit.
now the charts stubaby posts above are the dilemma.
the 1st one shows a bullish 5 wave move up. now here is the problem for me. while that is a possibility, it doesnt have the right look or feel to itl. it looks to me like a 3 wave upmove. which is what his 2nd chart is displaying, w/ a c wave washout to follow. i dont know which of these 2 will play out. so, i will sit and look to redeploy $$$ if the 2nd one comes to pass
the miners are in a big lengthy high price consolidation for the past year, when this pattern breaks to the upside the miners will finally show price appreciation. until then its range bound.
.382 of this correction is 1728 and .5 is 1704 so i am watching those #s . over 1800 is now the its all clear sign. below that and below 1773 the downside is in play.
if you have other or better ideas here, let em rip!
when gold revaluation comes into play, higher prices will be a reality. i am somewhat skeptical about some of these 10k #s being bandied about. but i know i dont know so i let the market guide me and right here , right now this may have been just another top in the bull market. its a process and takes time, but the loss of confidence in government is more palpable daily.
dharma

Hi Dharma,
Just to let you know if it touches 1680 then gold will have a point and figure sell...if silver touches 32.50 then it will have a point and figure sell whereby supply will take over....
I agree, we need to wait and see..but this is a typical pattern for gold to back off so quickly after hitting a round number like 1800..with all the crap going on in Europe..and how quickly it snapped back from 1535 ..I think the low is in...yes, a retest always possible..I mean even Germany doesn't want to use their gold for the bail out...perhaps that's a clue?...I think the only way it breaks the lows is if some hedge fund blew up and needed to sell for redemptions which is always possible.

Good trading...
TM
P.S if Ken is out there..would appreciate any Merriman's recent thoughts on gold...last time it appeared that he thought the low was in but also said that a low was expected anytime from that Oct low till Feb 2012.

[dharma]

keep em coming so far the trend lines on the gdx and hui are holding , we touched them this am. miners stronger than gold right now. and the miners are hanging in there dharma jg i watch that one also, they have an excellent experienced management team, and from what i have read, it seems like they struck high grade ore. for some reason the market feels otherwise. watching

[stubaby]

so far the trend lines on the gdx and hui are holding , we touched them this am. miners stronger than gold right now. and the miners are hanging in there
dharma

GLD and GDXJ also "touched" and held trendlines:

http://stockcharts.c...46063&r=398.png

http://stockcharts.c...47840&r=922.png


stubaby

[dharma]

working on the 1773, not sure the bottom is in , but it could be. waiting and watching. the retracement #s i gave out yesterday morning are still valid. the market is not tipping its hand. oversold w/hourly divergences and i am a buyer. dharma

[dharma]

above the # , not taking anything for granted. volatility reigns, lets see what next week brings dharma