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More wave 3 confirmation and outlook/perspective


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#1 senorBS

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Posted 12 April 2017 - 07:06 PM

Daily RSI today in the GLD hit the highest level since Feb 2016 - and that was the center point a daily 3rd wave that did not see that overall rally phase and prices peak until July. I view this as a similar situation and a "momentum kickoff" with similar "potential". 
 
Of important interest is that on the day of Gold's RSI peak in earlier Feb 2016 the GDX closed near 18, coming from a bottom near 12.50. Keep in mind it ultimately rallied to near 32 in Aug of 2016. 
 
Nothing is guaranteed, but situations like this is why we study and use technical anaylsis/Ewave to gain perspective on what is "probable" to occur. And "wave wise" this current move from last December has the potential to be a more powerful move then the Jan-Jul 2016 rally phase. Just an old time analyst offering his opinion. 
 
BSing away
 
Senor

Edited by senorBS, 12 April 2017 - 07:14 PM.


#2 senorBS

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Posted 12 April 2017 - 07:39 PM

now we need to watch for daily RSI to reach or even exceed that Feb 2016 peak - we have a ways to go but one important step has been taken

 

Senor



#3 johngeorge

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Posted 12 April 2017 - 07:48 PM

Thank you Senor for sharing.

 

Your comprehensive analysis is always very much appreciated.  yes.gif

 

Best to you.


Peace
johngeorge

#4 Russ

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Posted 13 April 2017 - 06:44 AM

The trend-line between last summer's high and this February's high on the monthly chart on HUI is being punched through now, so looks like the third wave is beginning, this has the potential to be a huge rally, Gannman is looking at HUI 470 and as I showed on his post the same oscillator that showed the low last Dec. from the summer high is now pointing at late 2018 as being a huge peak in the HUI.  


Edited by Russ, 13 April 2017 - 06:47 AM.

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#5 dharma

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Posted 13 April 2017 - 09:52 AM

i have been saying and hinting that things are changing in the gold market. well that is now becoming more and more apparent.  by the feds own admission inflation is rising,, ie the fed is also raising its interest rates, BUT they are behind the curve. folks we are back to the 70s . we are entering a stagflation environment, which will gain momo.  the fed is trapped bedded down in hotel california. they will be forced after raising rates to lower them as the economy weakens.  anyway that is down the road. but essentially none of them know what they are doing. thus the financial mess.

 so, now there is more talk of a wave 3 the center of an elliot wave impulse. for commodities wave 5 is the largest wave. which will be the case for gold. if the bear market of 11-15 is still uppermost in your thinking, expect to chase . 

you will be running w/the crowd, it will be comfortable. 

dharma



#6 senorBS

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Posted 13 April 2017 - 10:26 AM

right on Dharma, the "funnymetals" appear to be in sync and "be there"yes.gif

 

Senor



#7 AChartist

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Posted 13 April 2017 - 10:45 AM

Was able to add gdxj in all accounts while a dollar down did they think that would fool me very looking forward to next launch next weds to fri but possibly following Monday will sell the nugt calls today ahead weekend prem draw and do some again next weds or any time it fakes down

"marxism-lennonism-communism always fails and never worked, because I know

some of them, and they don't work"  M.Jordan


#8 senorBS

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Posted 15 April 2017 - 10:01 AM

Silver IMO looks really good and ready to head substantially higher in iii of 3 or a larger degree 3 or C, really hard to come up with a reasonable bearish count at this time IMO, a strong and sustained push above 18.60 would be a good sign and suggest a rapid move toward 19.50-20 is underway, as always anything can happen and stops are necessary

 

Senor



#9 Smithy

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Posted 15 April 2017 - 11:48 AM

Senor, I find it odd that the HUI is showing weakness relative to gold on the daily chart over the last 2 months.



#10 Smithy

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Posted 15 April 2017 - 12:16 PM

And, as you probably know, the Silver COT commercials net short position from last week was an all time record at -112,346 contracts.

 

Usually the Commercials get it right, but perhaps they wake up one morning soon and discover that this time they are the Patsies.

They have a lot of contracts to buy back, thereby powering your silver price projection.