Member
Posted 01 December 2016 - 10:11 AM
Looks like the d-wave of this contracting triangle is forming/completing now. Must hold that 20.14 on GDX, then the e-wave up to 21 area before final wave down.
FWIW: SKi uses the USERX for his numbers and it has made two lower lows (7.26 & 7.19) below the 7.27 he indicated as the demarcation for more lows coming. In a couple days the 16-20 resistance he mentioned will come into play around the 21 area.
Member
Posted 01 December 2016 - 10:25 AM
Tomorrow Friday Dec 2nd is the anniversary of the end of the bear market a year ago.
Hats off to Russ for first class work. His 1157 gap is near.
Member
Posted 01 December 2016 - 10:28 AM
Looks like the d-wave of this contracting triangle is forming/completing now. Must hold that 20.14 on GDX, then the e-wave up to 21 area before final wave down.
FWIW: SKi uses the USERX for his numbers and it has made two lower lows (7.26 & 7.19) below the 7.27 he indicated as the demarcation for more lows coming. In a couple days the 16-20 resistance he mentioned will come into play around the 21 area.
it "might" be C of a contracting in some of the gold stock stuff but if its not then it's entering a iii of 3 down, I'd rather wait at this time as I gave it my shots and am now out
Senor
Member
Posted 01 December 2016 - 03:51 PM
just got back from skiing, pretty decent rally in miners but was that bounce "e" of contracting triangles? I'd love that to be the case because a 5-wave decline to new lows could be a bueno buy of an ending thrust down. However I just have a suspicion the market won't make it that easy, perhaps the ugly bottom scenario? Hugely oversold here but I remain out and cautious as we hand out near the key 1170 Fibo level
Senor
Member
Posted 01 December 2016 - 04:18 PM
I did buy back a smallish GDXJ position late in the day at 34.31 FWIW, market looked like it could really tank when I left this mornin but the close back above 1170 is interesting and I am taking another stab. 5 and 10-day DSI at 9.4% Bulls
BSing away
Senor
Edited by senorBS, 01 December 2016 - 04:21 PM.
Member
Posted 01 December 2016 - 09:04 PM
Member
Posted 01 December 2016 - 10:08 PM
They are walking this market down nicely
LOL, yeah this gold market it feels like couple of the mogul runs I skied today - threw old Senor all over the place! Thank goodness for hot tubs! This is uno tough hombre, I do feel we are more than likely bottoming here and as often happens the market "feels" like it will/can never rally, but keep in mind the GDX intraday low was registered on Nov 14 and has not yet been broken even with the seemingly huge hits the gold sector has taken, perspective is key here. Anything of course is possible, including a decline below 1046, but that IMO at this time remains the lower probability outcome IMO but than can change muy rapido. And as I have menioned I am trading lightly and taking stabs only for now.
Pure BS
Senor
Member
Posted 01 December 2016 - 10:26 PM
Tomorrow Friday Dec 2nd is the anniversary of the end of the bear market a year ago.
Hats off to Russ for first class work. His 1157 gap is near.
Thanks Smithy, I owe some thanks to da_cheif (don wallanchuk) who always talked about gaps in his bag of tricks, he used to stress that there are lots of tools out there and you should keep an eye on all of them and look for things to line up. I heard one guy call da_cheif (he misspells it on purpose) the best bottom picker out there, he called the low on the spx etc. on the main board of this site in early 2009 to within a few points. Gold seems to have kissed the gap without closing it today, that looks like it may be enough.... maybe, the 5 hour gold chart has a nice doji star. 
http://www.investing...ommodities/gold
Member
Posted 01 December 2016 - 10:44 PM
Tomorrow Friday Dec 2nd is the anniversary of the end of the bear market a year ago.
Hats off to Russ for first class work. His 1157 gap is near.
Thanks Smithy, I owe some thanks to da_cheif (don wallanchuk) who always talked about gaps in his bag of tricks, he used to stress that there are lots of tools out there and you should keep an eye on all of them and look for things to line up. I heard one guy call da_cheif (he misspells it on purpose) the best bottom picker out there, he called the low on the spx etc. on the main board of this site in early 2009 to within a few points. Gold seems to have kissed the gap without closing it today, that looks like it may be enough.... maybe, the 5 hour gold chart has a nice doji star.
he was also one of the most egotistical human beings Senor has ever run across, not one of my favorites to put it nicely, that's all I will say
NO BS
Senor
