Back below 29 on GDX was bad, but below $28 today would be catastrophic to the short term.
The REAL wave 3, possible V bottom thread
Posted 06 March 2020 - 10:49 AM
1640-50 zone critical for GC...
Below that, and rapid rupture very possible....
Posted 06 March 2020 - 10:51 AM
GLD 1 min 900 battle raging right now...
If bulls lose it....LOB
Posted 06 March 2020 - 10:59 AM
GLD holding thus far....IF still long, would use a breach of 155 as a stop now.
Let's see how how far bulls get with the bounce....
Posted 06 March 2020 - 11:50 AM
turn right on schedule , i have been saying the 6-9 if you are swing trading its a feast. if you are holding positions its a yawn
i liked the fact that we corrected had another 5 wave advance. in gold , and the miners. and now we are correcting that . the fed meets later this month i dont think this correction lasts long. well dharma look at silver ! it is lagging . 96:1 ratio to gold . my take on that is simple silver offers little to nothing in this environment. it becomes a monetary metal when there is inflation/stagflation. we will see that rise later in the year. (i hold very little @ this point in the way of silver and silver miners. that comes later) @present we are in deflation/disinflation. well then what about platinum? ok the pgm sector has soared it has gone parabolic except for platinum . @ present i believe platinums woes are due to manufacturing being dormant in china. today is a different day
these 2 charts caught my eye. dow/gdx starting to move in favor of gdx https://gracelandupd...mar6riders1.png
this is a giant base in gdx https://gracelandupd...20mar6star1.jpg from here syscrappers are built i look for that to happen later this year
Posted 06 March 2020 - 11:54 AM
what was the apparent trigger for massive vol sell off in gold?
Posted 06 March 2020 - 12:27 PM
well the V is not certain here by any means is it. the waterfall delines on volume ...
Posted 06 March 2020 - 12:34 PM
but Look at platinum...
one wonders if hte boys are not running stops ...something smells
Posted 06 March 2020 - 01:22 PM
DUST consolidating in what looks like bull flag above 1 min 900.
Might want to move GLD stops up to last pivot low at 156.40 now.
Maybe a little fake intraday breakout up towards 157.50 before next wave down begins?
Edited by K Wave, 06 March 2020 - 01:22 PM.