wave 3??!!
#211
Posted 24 May 2017 - 01:40 AM
#212
Posted 24 May 2017 - 07:56 AM
how deep? yeah thats the key Q, at yesterdays close at 32.25 SGDJ has already done a 50% retrace and may be ending a "c", could morph into an abc x abc, note that GDXJ at 31.75 in pre-market is right at its 50% retrace as well, we'll see
Senor
Edited by senorBS, 24 May 2017 - 08:04 AM.
#213
Posted 24 May 2017 - 09:11 AM
how deep? yeah thats the key Q, at yesterdays close at 32.25 SGDJ has already done a 50% retrace and may be ending a "c", could morph into an abc x abc, note that GDXJ at 31.75 in pre-market is right at its 50% retrace as well, we'll see
Senor
well GDXJ came with 6 or 7 ticks of its .618 retrace at the early low and GDX finally made a marginal new low at ,382 area and is bouncing nicely, "so far" these are very clear abc declines - go below today's lows today and it could get ugly. The GDXJ rebalance is really weighing heavily on that index and some associated "smaller" stocks they are messing with. BTW a thx as I picked up an initial tranche of PVG this morning below 8.70, lets see how much of a bounce/rally we get off those potential abc down lows, remember this could yet morph into and abc x abc decline and now rally in an "x" wave, we see
Senor
#214
Posted 24 May 2017 - 09:58 AM
from what i am seeing an abc is completing off of the top on the 17
i will buy some nugt if it can trade above 35 fwiw
#215
Posted 24 May 2017 - 10:31 AM
tomorrow is options expiration
oversold on the hourlies. no divergences that i see.............ye
waiting
by the pvg came out @6 when it was an ipo. it is one of the best mines in the world and its grade is just off the charts
dharma
looks to me like we completed a 5 wave down move off the top. we will see . this could last a couple days more?????
#216
Posted 24 May 2017 - 11:19 AM
i see maybe one more dip to a new low on gdx and then we should rally imo
#217
Posted 24 May 2017 - 11:45 AM
tomorrow is options expiration
oversold on the hourlies. no divergences that i see.............ye
waiting
by the pvg came out @6 when it was an ipo. it is one of the best mines in the world and its grade is just off the charts
dharma
looks to me like we completed a 5 wave down move off the top. we will see . this could last a couple days more?????
Dharma the reason I started a position in PVG is that I think it may be in wave v of 5 of C from the B wave high near 11.45 in March. The A wave low was in early March at 8.56, today's low so far is 8.61, a new low could complete wave C and the dailies will likely diverge. Devils advocate here is if the overall sector is more bearish than I think is the this could fall in a continuing C wave all the way to the 6.80-7.00 area - I don't that that likely right now but just depends on how low the sector goes.
#218
Posted 24 May 2017 - 01:30 PM
well GDXJ came with 6 or 7 ticks of its .618 retrace at the early low and GDX finally made a marginal new low at ,382 area and is bouncing nicely, "so far" these are very clear abc declines - go below today's lows today and it could get ugly. The GDXJ rebalance is really weighing heavily on that index and some associated "smaller" stocks they are messing with. BTW a thx as I picked up an initial tranche of PVG this morning below 8.70, lets see how much of a bounce/rally we get off those potential abc down lows, remember this could yet morph into and abc x abc decline and now rally in an "x" wave, we seehow deep? yeah thats the key Q, at yesterdays close at 32.25 SGDJ has already done a 50% retrace and may be ending a "c", could morph into an abc x abc, note that GDXJ at 31.75 in pre-market is right at its 50% retrace as well, we'll see
Senor
Senor
Nice count that. So we have two solid bullish counts. What is the most favored bearish one please
#219
Posted 24 May 2017 - 03:50 PM
one last thought here if gdx breaks thru its 200dma which is really the next target i
would suspect we get a violent rally to the upside. it has been underneath
it essentially since nov of last year so we have been in a consolidation for a while
at least that is my take fwiw
#220
Posted 24 May 2017 - 04:08 PM
well GDXJ came with 6 or 7 ticks of its .618 retrace at the early low and GDX finally made a marginal new low at ,382 area and is bouncing nicely, "so far" these are very clear abc declines - go below today's lows today and it could get ugly. The GDXJ rebalance is really weighing heavily on that index and some associated "smaller" stocks they are messing with. BTW a thx as I picked up an initial tranche of PVG this morning below 8.70, lets see how much of a bounce/rally we get off those potential abc down lows, remember this could yet morph into and abc x abc decline and now rally in an "x" wave, we seehow deep? yeah thats the key Q, at yesterdays close at 32.25 SGDJ has already done a 50% retrace and may be ending a "c", could morph into an abc x abc, note that GDXJ at 31.75 in pre-market is right at its 50% retrace as well, we'll see
Senor
Senor
Nice count that. So we have two solid bullish counts. What is the most favored bearish one please
Frankly the only decent near term bearish count I see "at this time" is that today ended the first abc down leg of a developing double zigzag, this is an X wave rally, then we do another abc down. Could happen but the obvious count is 5 up to recent high from earlier May lows and now at least another leg up to new May highs and maybe a 3rd wave, as always one day at a time
Senor