678 replies to this topic

[Smithy]

XAU pulling upwards against spot gold on the 5 min chart, this divergence usually correct. We'll see. My stops on additions very tight. That said, you may be right!

Edited by Smithy, 11 July 2019 - 09:05 AM.

[hhh]

You're right there Smithy, but my concern is the complete 5 waves up look to it.

[Smithy]

On my hourly chart this looks like a wave 4 to me (subject to price action) from the low 1 am PST July 9th around 1386 spot.

[hhh]

I think I'm looking at a degree higher: https://www.tradingv...com/x/xc8tRWpT/

[Smithy]

I agree but I I'm looking at a bit more upside before it tops out. I may be wrong and the sucker can truncate at any time.

Edited by Smithy, 11 July 2019 - 09:41 AM.

[hhh]

Someone just pulled a plug. China tweets? Powell?

[hhh]

I think GDXJ needs to tag about 34.8 before the next move up.

[Smithy]

A working hypothesis  12:30 pm EST Friday

 

[hhh]

So you're thinking a big drop below 3 to complete the megaphone?

Edited by hhh, 12 July 2019 - 11:29 AM.

[Smithy]

In my experience sometimes the 78.6% retrace is all she wrote.

 

Conservative traders (an oxymoron if ever there was one!) would wait until above point 4 to go long or take the slight new low if it gets down there.

Edited by Smithy, 12 July 2019 - 11:39 AM.