165 replies to this topic

[senorBS]

Bottom line for me to have some solid conviction that a wave 2 or B bottomed last week in the miners/gold I want to see some serious upside action this week. Wave 2 or B bottoms would imply wave 3 or C rallies are now underway and those type of rallies should be more dynamic and stronger than the rally we saw in gold from 1182 to 1388 and the similar moves in HUI/GDX. If bullish it is no excuses time, would not want to see any near term gold pullback of more than 38-50% of the rally from 1268. BSing away Senor

[stubaby]

Bottom line for me to have some solid conviction that a wave 2 or B bottomed last week in the miners/gold I want to see some serious upside action this week. Wave 2 or B bottoms would imply wave 3 or C rallies are now underway and those type of rallies should be more dynamic and stronger than the rally we saw in gold from 1182 to 1388 and the similar moves in HUI/GDX. If bullish it is no excuses time, would not want to see any near term gold pullback of more than 38-50% of the rally from 1268.

BSing away

Senor

Yep - above 1331.40 in Gold and 236.20 in $HUI and Wave 3 is officially underway!

stubaby

[tria]

Gold in the short term should have a couple of updays and then drop a bit. A more important low around end June/early July may come into play, but not too sure about that. Bottom line is that IMHO, I am not expecting a sustained advance before that possible Summer low. -tria

[dougie]

get above 1305 and we might run for a few weeks at any rate.

[tria]

get above 1305 and we might run for a few weeks at any rate.

We will get above 1305 but we may not run for a few weeks. IMHO, dougie.

[dharma]

i dont look for a parabola for a couple of years. right now the market has to shake off the bear market. it takes time to build psychology of confidence back up. this is a process. of the 4 stage model , we are in stage 1 the bottoming process. this week is full of economic data. so, it could be all the sound and fury signifying nothing. hgnsi for thursday =-23.3% market vanes bullish consensus=51% dsi=31%for friday so its neutral @best as far as sentiment goes. w/the hgnsi still reading bearish #s though election results in india over 2 weeks away. a modi victory could be historic for the gold market in japan abe and kuroda are going to have to up their printing if they are going to achieve their goal of creating inflation even 2% inflation. their qe program, based on the size of each economy is 3x the size of qe here. w/the world situation as it is , it seems folks will be moving into dollars @ some point. i doubt the stock market is finished . it has to get move extreme for the bulls. folks will be corralled into stocks. wheat looks to be making an inverse h&s pattern. has to get above the neckline it will all take shape in its due time. i expect mars going direct on may 20th will be some kind of kick off for gold. patience, lots of patience. wave 3 kickoff coming soon of not now dharma

[dougie]

you turn to the bearish side now?

get above 1305 and we might run for a few weeks at any rate.

We will get above 1305 but we may not run for a few weeks. IMHO, dougie.

[tria]

you turn to the bearish side now?

get above 1305 and we might run for a few weeks at any rate.

We will get above 1305 but we may not run for a few weeks. IMHO, dougie.

Not ready for a sustainable upmove IMO, that is all I was saying Dougie.
Downside potential still exists as well.
Does this make me bearish? I don't know the answer myself.

[dougie]

ok we are on the same page. next week and a half should be interesting

[senorBS]

adding another small tranche sub 223.90 HUI BSing away Senor