Gold is running like many of us thought it would run but the ‘a’ wave correction was a bit larger than I thought. As Senor mentioned it corrected 50% of the rally from early June. A high of the potential ‘b’ upwave is projected tomorrow or by early next week. Then the ‘c’ should take us down by month’s end +/- a few days. The ‘c’ wave low may or may not be lower than 5/15 low of $1292.00, I just don’t know yet.
The rest you already know, meaning that August (but maybe after an initial hesitation), should be strong and a more important high should be observed near very early in September.
I will very gradually start lightening up on trading longs but tomorrow is GLD, SLV, GDX and SIL July ETf’s OPEX and the numerous call writers are running for cover buying the underlying instruments and being short during this weekend is scary.
This is my latest view and all the above is FWIW and IMHO.
Good trading to all,
Laz
I will very gradually start lightening up on trading longs but tomorrow is GLD, SLV, GDX and SIL July ETf’s OPEX and the numerous call writers are running for cover buying the underlying instruments and being short during this weekend is scary.
My latest view
Started by
tria
, Jul 17 2014 11:17 AM
2 replies to this topic
#1
tria
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Posted 17 July 2014 - 11:17 AM
In the world of 0 and 1: "austerity" is the right thing to SAY; "spent more, print more" is the right thing to DO.
"You miss 100% of the shots you don't take."
~ Wayne Gretzky
#2
gannman
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Posted 17 July 2014 - 11:27 AM
thanks i dont think this correction is over either. your scenario seems more and more likely . believe this is a B wave to be followed by a C. more correction will give us a very solid base to rocket out of imo. bottom line here for intermediate traders is stay long and stay strong . no need to be cute with this thing imo if u are intermediate time frame.
feeling mellow with the yellow metal
