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Posted 13 August 2019 - 12:42 PM
Silver finally getting final pop I was looking for on this move....could last a couple more days, but I think we are getting pretty close to taking a breather once this leg runs out of steam...
At worst, I would expect to see a pull back to test the now busted 900 MA...at about 15.50 on SLV.
LOL, it reached your 15.50 pullback objective in "minutes" , GLD filled a gap nicely as well - was that it?
Senor
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Posted 13 August 2019 - 02:04 PM
Senor, this gold drop that started today, how big an upleg do you think it might be correcting? It is not at all clear to me.
Member
Posted 13 August 2019 - 02:40 PM
Something just lit a fire under the gold stocks all of a sudden with no move in gold.
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Posted 13 August 2019 - 05:33 PM
Well, I am very bullish here, FWIW (assuming we hold today's lows through the close). Filled some gaps, eliminated some weak hands, and all on a news-driven reaction (they are always reversed).
Money flow is diverging which can be seen on the silver chart the best and a huge doji star has formed, the metals should take a rest for a couple of weeks or more. http://schrts.co/zcXywTpC
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Posted 13 August 2019 - 05:41 PM
Silver finally getting final pop I was looking for on this move....could last a couple more days, but I think we are getting pretty close to taking a breather once this leg runs out of steam...
At worst, I would expect to see a pull back to test the now busted 900 MA...at about 15.50 on SLV.
LOL, it reached your 15.50 pullback objective in "minutes" , GLD filled a gap nicely as well - was that it?
Senor
From Ross Clark at Chartworks... "Extended rallies such as 1983, 1987, 2004 and 2006 have experienced daily and weekly upside Exhaustion alerts at the targeted resistance. These were followed declines of 25% or more. The rallies such as the current one (1972, 1994 and 2003) have developed into false breakouts (1972) or double tops (1994 & 2003). The 20-day moving average was a key support (currently $16.21). Once broken, prices dropped to the 50-week ema (currently $15.50). The total declines were 12% to 15%. If prices top here, then support would be expected between $15.20 and $14.70. These declines gave up 50% to 62% of the rally, currently offering support at $15.77 to $15.41. Sequential 9 Buy Setups were seen around the bottom of each of the three examples. Once a correction has run its course, the next level of important resistance will be around $26, a 50% retracement from the 2011 top."
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Posted 13 August 2019 - 05:56 PM
Above post from Chartworks is for Silver bullion, not SLV.
Member
Posted 13 August 2019 - 07:43 PM
Senor, this gold drop that started today, how big an upleg do you think it might be correcting? It is not at all clear to me.
very hard to tell, that's why I am just sittin long, there can always be an extension
Senor
Member
Posted 13 August 2019 - 10:39 PM
some pretty solid looking neg divergencces on the miners. so far they have not mattered but a sizeable correction here is a possibility. Question is, will we be so lucky...
Member
Posted 14 August 2019 - 12:42 AM
Well, I am very bullish here, FWIW (assuming we hold today's lows through the close). Filled some gaps, eliminated some weak hands, and all on a news-driven reaction (they are always reversed).
Interesting that the big gap on xau is sitting right at the .618 retracement level measured from the May low.
Member
Posted 14 August 2019 - 08:12 AM
Well, I am very bullish here, FWIW (assuming we hold today's lows through the close). Filled some gaps, eliminated some weak hands, and all on a news-driven reaction (they are always reversed).
Interesting that the big gap on xau is sitting right at the .618 retracement level measured from the May low.
I have always considered that a "breakaway" gap, because of its position and the follow-through of price after. My impression is that the 2011-2015 bear market and the long wave 2 after the 2016 "rocket" have kept investors disinterested and leery - not many are positioned, many are waiting for a correction, and many are trading out - and as dharma says will have to buy higher to get back in. I don't know what will happen next, but my impression is that there is more near-term upside.
FWIW, my alt count:
