1292 replies to this topic

[Russ]

Russ:  " For now I have a probable low for about August 25. Double top today. "

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That is a clever date, Russ. Exactly 21 years from the $252 bottom.

Interesting Smithy,  I just spent a few hours working with a programmer from Greece trying to get my Tradestation coding translated to run on Tradingview, it's part way there but still can't get magnet drawing on the oscillator as Tradestation allows, so it is harder to place the lines, have to strain my old eyes more.   I am having data download compatibility problems with tradestation which has to run on windows 98 or NT. Anyway after after grinding away for a few hours this is what it's looking like (btw da_cheif aka cheifios lol says cycles are lining up and expect volatility soon around the fed meeting, I told him so a few weeks ago and he said WRONG - WATCH THE SKY!  - Ha.) The low may be nearer the friday on the 21st but could carry over into the next week. Perhaps the 4th wave pull back Dougie mentioned for GDX. 

[Russ]

I have run the oscillator on several gold charts,  I did not draw these lines the computer did, all of the various gold charts are pointing 

to around March of 2024 as a major high, which looks like it could be around 3500 per ounce based on how much it went up from 1999 until 2011. The only gold charts disagreeing are the futures which are pointing at around Oct. 2022 for a big high, is it possible there will be the first big high in 2022 and then the final high in 2024? The huge monthly candle this July is highly likely to be tested, big moves usually tested as MA has stated before.

 

Possible the 2011 high was the large degree wave 3, late 2015 was the bottom of 4 and the final 5th will show up in 2024?

 

Edited by Russ, 30 July 2020 - 02:46 AM.

[Russ]

emini sp futures are pointing to the same time period as gold for a low, around august 21-24. 

[senorBS]

BTW I have to at least consider that the GSR bottomed a huge and beautiful 5 down at recent lows, that was a GSR decline from 128 to 75! If we see a significant retracement by just eyeballing I could see a rally to the 95-100 area plus or minus a bit, just some things to keep an eye on. Maybe we won't correct nearly that much but IMO we"might"

 

Senor

[CHAx]

Max confusion morning.   

 

 

Plat at the precipice, silver looking spooky, gold looking OK.... and all of this is WITH Euro rallying.  

[stubaby]

BTW I have to at least consider that the GSR bottomed a huge and beautiful 5 down at recent lows, that was a GSR decline from 128 to 75! If we see a significant retracement by just eyeballing I could see a rally to the 95-100 area plus or minus a bit, just some things to keep an eye on. Maybe we won't correct nearly that much but IMO we"might"

 

Senor

Yea Senor - it has that look for sure:

 

http://schrts.co/MreexyZh

[gannman]

@dharma i know you have been talking about a banking crisis

 

potential head and shoulders  top in the dow jones utilities

 

and time segmented volume on the financial stocks looks horrible fwiw 

 

sure looks like they are headed lower  to me

[senorBS]

Max confusion morning.   

 

 

Plat at the precipice, silver looking spooky, gold looking OK.... and all of this is WITH Euro rallying.  

no "confusion" at all IMO, nice nearer term wave patterns, extreme overbought conditions and extreme sentiment leading to the expected correction, now the key is how far down and how long, that's more of a tough one at this time IMO

 

Senor

[CHAx]

 

Max confusion morning.   

 

 

Plat at the precipice, silver looking spooky, gold looking OK.... and all of this is WITH Euro rallying.  

no "confusion" at all IMO, nice nearer term wave patterns, extreme overbought conditions and extreme sentiment leading to the expected correction, now the key is how far down and how long, that's more of a tough one at this time IMO

 

Senor

 

 

 

I just flattened out of my gold and silver futures position from low 1700s and sub 20s.  Im still bullish, but expecting a significant 1-3 day selloff to shake out some of our newer longs.  its probably 60/40 odds that we blowoff another high tomorrow, so I should probably have a small portion still long here.... but I'm a coward. 

 

Looking forward to a continued bull market over the coming months.   

 

 

We are on and have been on the same page trade-wise.  I just happen to be frustrated I didn't take the short yesterday......  

 

But, just like you, Im not sure where this is going to bottom, so I think its fair to say we both are confused or else we would be making a bolder call.  But to be fair, you also trade a longer time frame and probably need to be less precise due to leverage issues.  No disrespect at all, if that comes off in tone,  congrats on your trading this year.

Edited by CHAx, 30 July 2020 - 10:05 AM.

[senorBS]

 

 

Max confusion morning.   

 

 

Plat at the precipice, silver looking spooky, gold looking OK.... and all of this is WITH Euro rallying.  

no "confusion" at all IMO, nice nearer term wave patterns, extreme overbought conditions and extreme sentiment leading to the expected correction, now the key is how far down and how long, that's more of a tough one at this time IMO

 

Senor

 

 

 

I just flattened out of my gold and silver futures position from low 1700s and sub 20s.  Im still bullish, but expecting a significant 1-3 day selloff to shake out some of our newer longs.  its probably 60/40 odds that we blowoff another high tomorrow, so I should probably have a small portion still long here.... but I'm a coward. 

 

Looking forward to a continued bull market over the coming months.   

 

 

We are on and have been on the same page trade-wise.  I just happen to be frustrated I didn't take the short yesterday......  

 

But, just like you, Im not sure where this is going to bottom, so I think its fair to say we both are confused or else we would be making a bolder call.  But to be fair, you also trade a longer time frame and probably need to be less precise due to leverage issues.  No disrespect at all, if that comes off in tone,  congrats on your trading this year.

 

From my standpoint one can "over trade" and really get screwed up - that is why I NEVER even attempt to short what I believe is an ongoing Bull Market! I have learned that for "me" what works best is trading around a CORE long position, I lighten up when I think a correction/pullback is due and therefore get my trading "ya ya's" satisfied as well. 

 

Senor