678 replies to this topic

[hhh]

 

I keep looking at the hourly and daily charts of GLD and wonder if we are right now in wave E of a large contracting triangle (a wave 4) from the June 25th rally high, we see

 

Senor

with todays rally odds looking pretty decent a wave "e" in GLD may have ended yesterday at 132.13, if correct target for the el thrusto is 136-137 area, we see

 

Senor 

 

It's possible we just retraced a portion of e, and the other half is still to come.

[senorBS]

 

 

I keep looking at the hourly and daily charts of GLD and wonder if we are right now in wave E of a large contracting triangle (a wave 4) from the June 25th rally high, we see

 

Senor

with todays rally odds looking pretty decent a wave "e" in GLD may have ended yesterday at 132.13, if correct target for the el thrusto is 136-137 area, we see

 

Senor 

 

It's possible we just retraced a portion of e, and the other half is still to come.

 

possible of course, highly unlikely IMO, we see

 

Senor

[Smithy]

Looks like the gold and silver counts differ widely, with gold in a 5th and silver in a 3rd. Not sure what this means, comments welcome.

If the different counts remain intact, might imply further extreme gyrations in GSR.

[dougie]

seeing some 5 waves looking complete but of course wave 5 can extend ...

some neg divergences too.

not looking to short here but looking to add

[Smithy]

As of noon Thursday, a blowoff for gold into the close on Friday looks possible. Curr spot 1430

[senorBS]

So far I like my post triangle thrust count from 1400 as its been a bulls eye, right now I think wave 3 of the thrust in gold may have peaked today near 1453 today, we may be in a wave 4 now so if wave 4 is contained by 1435-1440 a wave 5 target area could be 1460-1470. I did do some light selling late in the day in my more speculative positions, still very long. IMO its a great count but as I have said "surprises in bull markets will be to the upside", lets see how it plays out

 

Senor

[Smithy]

Good post, thanks Senor.

[senorBS]

So far I like my post triangle thrust count from 1400 as its been a bulls eye, right now I think wave 3 of the thrust in gold may have peaked today near 1453 today, we may be in a wave 4 now so if wave 4 is contained by 1435-1440 a wave 5 target area could be 1460-1470. I did do some light selling late in the day in my more speculative positions, still very long. IMO its a great count but as I have said "surprises in bull markets will be to the upside", lets see how it plays out

 

Senor

boom boom boom so far on the thrust count, I think wave 5 is now underway, daily divergences in GLD/Gold/GDX, on this latest rally,so that is IMO supportive of 5th wave case in gold related, I will do some additional profit taking to take core down to about 45% today, as always DYODD

 

Senor

[Smithy]

Not withstanding today Friday's drop, this remains bullish.

 

[senorBS]

since the potential thrust count did no play out "exactly" as expected (though we did get the new rally highs) I did do a little selling this morning into strength  but not as much as I had planned, still about 55-60% long. Keep in mind I never go 100% long but in an environment like this I like to trade round a core. When I saw silver several days ago lookin ready to possibly start a wave 3 and try to break out I went balls to the wall at 75-80% long, mostly in the silver sector. Been a helluva week and I took a good bit of that "extra sauce" off today and yesterday. Hope everyone had a great week, its been a long time coming!

 

Senor

Edited by senorBS, 19 July 2019 - 05:21 PM.