678 replies to this topic

[Russ]

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

The metals are hitting some resistance and some consolidation looks in the cards now but this bull market is just starting, it has a long way to go yet.... 

[Smithy]

"Hope everyone had a great week, its been a long time coming!"

-----------------------

Yes, took my wife out to dinner tonight to celebrate. An excellent week. Thanks to all for their contributions. 

[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

The metals are hitting some resistance and some consolidation looks in the cards now but this bull market is just starting, it has a long way to go yet.... 

 

agree Russ, had some daily divergences yesterday as well and perhaps an Ewave sequence ended-moreso in gold than silver IMO, so we could correct for a bit, but agree on a LONG ways to go norte

 

Senor

 

Senor

[Smithy]

There is a case that these 5 waves are complete. There is even a half way gap. However the up move could extend to the upside. Pretty likely Mon and Tues will tell the tale.

 

I'm still expecting gold return to the neckline of the 5 year base, around 1364 or thereabouts, sooner or later.

 

 

Edited by Smithy, 21 July 2019 - 12:37 PM.

[Smithy]

Since Thursday, silver has been going north and gold south.

[tradesurfer]

The largest correction we have had in GDX on this breakout run has been 6.5%

 

In the 2016 run I think these were the biggest corrections

 

9.6

 

11

 

16

 

10.5

 

 

That is an average of 11.7% correction

 

So if we get close to a 10% correction I guess that is the time to load the boat again and if we get a 16%er, then maybe back up the truck

 

 

25.45   is a 10% correction from here and also a key support zone... maybe 25.45 ideal zone for re load ?!

Edited by tradesurfer, 23 July 2019 - 12:38 AM.

[Smithy]

I like your 10% figure, but new highs still to come before we get the drop I've been muttering about for some time.

[hhh]

Silver's looking a little weak here.

[dougie]

OT but doesnt SPX look mighty bullish and if so, would that not take the wind out of the gold sails?

[Smithy]

Dougie, good question. It seems likely both will rise for the foreseeable future, more or less.