it looks like it should complete soon then a wave 4 bounce of about 60 dollars
before a final low on a wave 5 drop patience not ready yet
Posted 02 August 2018 - 02:41 PM
it looks like it should complete soon then a wave 4 bounce of about 60 dollars
before a final low on a wave 5 drop patience not ready yet
Posted 02 August 2018 - 02:42 PM
when it take out 117 it is in a wave 4 imo
Posted 02 August 2018 - 03:04 PM
i think it is an abc down which may be complete
or close to it
if not then your count becomes more viable
dharma
Posted 02 August 2018 - 04:14 PM
tend to agree Dharma, the only time weekly RSI has been lower then it is now (28.50 marked to the market) was during April - June of 2013 (was at the 21 area then). And we are now more oversold now then late 2015 at the $1050 major bottom. So unless gold is going to utterly crash we are likely close to a key low IMO with two daily divergences into today's low. So either we begin a crash in the next several days/few weeks or we turn up hard from here and soon. My dos centavos
Senor
Posted 02 August 2018 - 05:04 PM
tend to agree Dharma, the only time weekly RSI has been lower then it is now (28.50 marked to the market) was during April - June of 2013 (was at the 21 area then). And we are now more oversold now then late 2015 at the $1050 major bottom. So unless gold is going to utterly crash we are likely close to a key low IMO with two daily divergences into today's low. So either we begin a crash in the next several days/few weeks or we turn up hard from here and soon. My dos centavos
Senor
i like looking at weekly and monthly charts to get perspective. otherwise it can be like a leaf in the wind. it takes alot of selling pressure to get the weekly rsi and other oscillators as low as they are. and the large specs have put on their largest short position . they will be the fodder that chases when and whenever the turn occurs. this is a very significant low. . and w/trade wars, deficits , rising rates, and pension funds https://www.streetwi...erid=1258751090in dire straits it seems to me something has to give.
dharma
thanks senor. for your insights.
Posted 02 August 2018 - 05:56 PM
tend to agree Dharma, the only time weekly RSI has been lower then it is now (28.50 marked to the market) was during April - June of 2013 (was at the 21 area then). And we are now more oversold now then late 2015 at the $1050 major bottom. So unless gold is going to utterly crash we are likely close to a key low IMO with two daily divergences into today's low. So either we begin a crash in the next several days/few weeks or we turn up hard from here and soon. My dos centavos
Senor
i like looking at weekly and monthly charts to get perspective. otherwise it can be like a leaf in the wind. it takes alot of selling pressure to get the weekly rsi and other oscillators as low as they are. and the large specs have put on their largest short position . they will be the fodder that chases when and whenever the turn occurs. this is a very significant low. . and w/trade wars, deficits , rising rates, and pension funds https://www.streetwi...erid=1258751090in dire straits it seems to me something has to give.
dharma
thanks senor. for your insights.
bueno stuff, thx. I think we are close as we have all the ingredients we have had at key lows over the past few yrs, and given this is very possibly a wave 2 low some of this stuff is even more extreme then any low since Dec 2015. No guarantees but death and taxes, we'll soon see
Senor
Posted 02 August 2018 - 08:22 PM
there's a giant wedge on XAu etcetera doesn't theory dictate that it will travel down the width of the left side of the WEDGE now that it has broken below support?when it take out 117 it is in a wave 4 imo
Posted 02 August 2018 - 08:57 PM
there's a giant wedge on XAu etcetera doesn't theory dictate that it will travel down the width of the left side of the WEDGE now that it has broken below support?when it take out 117 it is in a wave 4 imo
Every chart I look at in this sector is bearish-looking - with no reversal pattern in sight yet (double bottom, head-n-shoulders bottom, etc)
Posted 02 August 2018 - 11:30 PM
there's a giant wedge on XAu etcetera doesn't theory dictate that it will travel down the width of the left side of the WEDGE now that it has broken below support?when it take out 117 it is in a wave 4 imo
Every chart I look at in this sector is bearish-looking - with no reversal pattern in sight yet (double bottom, head-n-shoulders bottom, etc)
Seems to be going the wrong way to be bullish, so if it falls apart here, that will make the commercials largely wrong, I looked again using Tradestation at my bullish signal for GDX but could not confirm it on the superior software.
Posted 03 August 2018 - 07:22 AM
tend to agree Dharma, the only time weekly RSI has been lower then it is now (28.50 marked to the market) was during April - June of 2013 (was at the 21 area then). And we are now more oversold now then late 2015 at the $1050 major bottom. So unless gold is going to utterly crash we are likely close to a key low IMO with two daily divergences into today's low. So either we begin a crash in the next several days/few weeks or we turn up hard from here and soon. My dos centavos
Senor
There have been 8 times that RSI went below the lower dotted line on the Gold chart....