28 replies to this topic

[senorBS]

1520-1530 support vs 1130-1140 when we broke the key 1520-1530 support level a few years ago price dropped $200 in two days, yesterday we broke key 1120-1130 support and "so far" this morning on day two prices are trading near 1100. It never has to or does happen the same way, but IMO if we don't keep accelerating sharply lower today/tomorrow then this break of key support has a good chance to be much different then the previous one - meaning this could be an ending pattern vs a third wave, we see BSing away Senor

[senorBS]

in addition when silver broke key 26 support in the same 2-day period it fell from above 27 to 22.40 in two daze - quite different here so far, why I am not expecting or forecasting a V bottom in miners/gold the odds IMO are higher than usual that it might happen - why? because while daily RSI in XAU and HUI reached 20 year plus oversold levels yesterday both weekly and monthly RSI "so far" are diverging vs lows seen in 2013 and last November, suggesting to me it just might end up being a panic/crash low which the GDX record volume might support as well, we see BSing away Senor

Edited by senorBS, 21 July 2015 - 09:24 AM.

[senorBS]

keep in mind I am just speculating here, if today's bounce fails badly and we head to new lows a third wave down could instead be unfolding, I think today's action is very important BSing away Senor

[goldfungus]

keep in mind I am just speculating here, if today's bounce fails badly and we head to new lows a third wave down could instead be unfolding, I think today's action is very important

BSing away

Senor

Thanks, Senor. The volume component is huge - Pun intended.

[gannman]

fwiw i think we could be bottoming a 3rd wave in the hui here. if so we should see a snap back rally into the 150's here . and then head down in a final 5th wave just my take

[SemiBizz]

Patience, Patience, Patience...

Somebody better have an ambulance on standby.

NOBODY KNOWS WHERE THIS STOPS....

Jeesh....

[senorBS]

so after the Monday break of key 1120-1130 support gold only closes $20 lower near 1100, avoiding a wave 3 collapse and IMO increasing the odds this was a 5th wave vs a third, and with the impressive miner rebound Friday this was one helluva interesting week, nothing at all decided but it is IMO not at all a slam dunk for lower prices, we saw some "generational" extremes in the metals sector this week BSing away Senor

[goldfungus]

so after the Monday break of key 1120-1130 support gold only closes $20 lower near 1100, avoiding a wave 3 collapse and IMO increasing the odds this was a 5th wave vs a third, and with the impressive miner rebound Friday this was one helluva interesting week, nothing at all decided but it is IMO not at all a slam dunk for lower prices, we saw some "generational" extremes in the metals sector this week

BSing away

Senor

Monday will be the tell. I think they try to sell it. If they don't… big news.

[dharma]

agree w/you amigo. nothing definitive yet but it sure looks promising. this week could have been a bear trap, break the lows of 1130 get everyone growling @1070 only to reverse . need to impulse here. above 1130 close goes along ways
i saw the fed balance sheet today . back in the stratosphere. for years the price of gold mirrored the balance sheet, since 11 that glove on a hand diverged. gold will ! some point have alot of catching up to do
from the 1924 highs . this C wave seems to be a diagonal triangle, that could have just ended . too early to say definitively!
patience
dharma
this guys piece that i posted the other day is spot on http://www.graceland...015jul21mk1.png

Edited by dharma, 24 July 2015 - 05:49 PM.

[senorBS]

agree w/you amigo. nothing definitive yet but it sure looks promising. this week could have been a bear trap, break the lows of 1130 get everyone growling @1070 only to reverse . need to impulse here. above 1130 close goes along ways
i saw the fed balance sheet today . back in the stratosphere. for years the price of gold mirrored the balance sheet, since 11 that glove on a hand diverged. gold will ! some point have alot of catching up to do
from the 1924 highs . this C wave seems to be a diagonal triangle, that could have just ended . too early to say definitively!
patience
dharma
this guys piece that i posted the other day is spot on http://www.graceland...015jul21mk1.png

my preferred count for a long while is that this is a large ending wave 5 of C diagonal basis daily and weekly charts from the AUG 2013 high at 1433, and this last sharp drop should be ending an C wave of the last ABC, if correct we could fly out of here, again "if" correct

Senor