Member
Posted 05 August 2020 - 08:22 AM
Not to pour cold water on a sizzling gold mkt and all the bullish posts but this should be at least "noted":
The 10dma Optix on GLD is at 85. The only time it was ever higher was at the exact high on 8-22-11 at 86.
I am doing a little pruning here as a trade around my core long, as always DYODD. Maybe time for a near term high?
Senor
Member
Posted 05 August 2020 - 08:40 AM
Yeah, sell signals abound. $BPGDM hovering around 100, DSI ditto, and weekly RSI 6 above 90, a reliable sell signal.
Member
Posted 05 August 2020 - 08:43 AM
Not to pour cold water on a sizzling gold mkt and all the bullish posts but this should be at least "noted":
The 10dma Optix on GLD is at 85. The only time it was ever higher was at the exact high on 8-22-11 at 86.
I am doing a little pruning here as a trade around my core long, as always DYODD. Maybe time for a near term high?
Senor
I will be the one to say it, we have entered a short term blow off phase. A one to two month high will be put in, in the next 48 trading hours IMO. I am flat currently, and I will begin building a short. Im long term bullish, dont get me wrong, much higher highs coming the next few years.
Member
Posted 05 August 2020 - 08:44 AM
Yeah, sell signals abound. $BPGDM hovering around 100, DSI ditto, and weekly RSI 6 above 90, a reliable sell signal.
Very extreme here and perhaps way too many bullish posts? I hate to "top pick" but that is when its nice to take off the aggressive longs and hold da core, we see
Senor
Member
Posted 05 August 2020 - 09:11 AM
PL 2 hour still looks to be the chart to watch there...
If the real launch is coming on PL, about here is where it should begin.....
I love it when a plan comes together.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 05 August 2020 - 09:13 AM
SLV may still have 26ish left in the tank?
Talk about an Air Gap Run!!
Edited by K Wave, 05 August 2020 - 09:13 AM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 05 August 2020 - 09:25 AM
Not to pour cold water on a sizzling gold mkt and all the bullish posts but this should be at least "noted":
The 10dma Optix on GLD is at 85. The only time it was ever higher was at the exact high on 8-22-11 at 86.
I am doing a little pruning here as a trade around my core long, as always DYODD. Maybe time for a near term high?
Senor
I will be the one to say it, we have entered a short term blow off phase. A one to two month high will be put in, in the next 48 trading hours IMO. I am flat currently, and I will begin building a short. Im long term bullish, dont get me wrong, much higher highs coming the next few years.
I think that might easily happen, this could be a wave 5 basis many daily charts and in gold wave 5 of a big 3. However I think correction/consolidation while significant will be more of a sideways affair. I have no interest in short size, just trimming and holding core
Senor
Member
Posted 05 August 2020 - 09:43 AM
Yeah, sell signals abound. $BPGDM hovering around 100, DSI ditto, and weekly RSI 6 above 90, a reliable sell signal.
Very extreme here and perhaps way too many bullish posts? I hate to "top pick" but that is when its nice to take off the aggressive longs and hold da core, we see
Senor
Yeah took off half of the AGQ held in the family IRAs for a triple over the last few months. (in retrospect, should have held that USLV even though it went to the pinks...it has tripled in a month!)
May take all of it off for a bit if it continues higher before we finally get a more than a few hour pullback.
I expect at some point over the coming weeks to be able to buy it back under 50..maybe even under 40.
Often times these big liftoff moves will go all the way back down to test the breakout levels, especially after such violent shakeout move to start things off....sort of like resetting equilibrium after an extreme move down, followed by an extreme move up.
Which theoretically could put SLV briefly back under 20 at some point a few weeks/months down the road. IF...that happened, would likely be a long term back up the truck moment in time.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 05 August 2020 - 10:38 AM
great work kwave !that platinum call was perfect.
senor- i agree w/you on all counts we , by my count are in 5of 3of3 so wave 4of 3 to come . and i have never been successful shorting a
bull market.so it is out of my bag of tricks
i have the 10day cycle low this week . it is a powerful move up. we raced through the last price cycle and this one is no different,so far2080 is the death zone if we get to it. so that is a place to end this leg . 2101 ends the cycle and has to break into the next cycle 2123. whats instructive to me is in 11 the high was 1923 1913 was the death zone and 1933 ended that price cycle.
not sure what i will do , certainly would nt buy here.
i have to say though, the fundamentals looks spectacular for the sector. and i do see a larger wave higher to come. i wouldnt be that surprised to see 3k before years end or early next year
note
on other boards there has not been bullish proclamations. more subdued. this group has been together for years. now we are all a little long in the tooth!ha
what a mess. these genius' created. i cant do anything about that. i have to provide.
dharma
dont know when novo starts trading . halted yesterday and today. i want to see what the market thinks of the deal
Edited by dharma, 05 August 2020 - 10:41 AM.
Member
Posted 05 August 2020 - 10:46 AM
Not to pour cold water on a sizzling gold mkt and all the bullish posts but this should be at least "noted":
The 10dma Optix on GLD is at 85. The only time it was ever higher was at the exact high on 8-22-11 at 86.
I am doing a little pruning here as a trade around my core long, as always DYODD. Maybe time for a near term high?
Senor
I will be the one to say it, we have entered a short term blow off phase. A one to two month high will be put in, in the next 48 trading hours IMO. I am flat currently, and I will begin building a short. Im long term bullish, dont get me wrong, much higher highs coming the next few years.
I think that might easily happen, this could be a wave 5 basis many daily charts and in gold wave 5 of a big 3. However I think correction/consolidation while significant will be more of a sideways affair. I have no interest in short size, just trimming and holding core
Senor
agree on your gold count - wave 5 of a big 3 - my question is when will this 5 end - could extend much higher in price, as we have just now entered the "point-of-recognition" and new money needs a little time to flow into positions - plus we just exited Wave 4 of the big 3 - I am looking for maybe an ending diagonal for the Wave 5 - then a Wave 4 that could be rather swift and volatile, although long drawn-out in time is more typical of 4's.
I came off margin near the end of 3 of 3 and will raise maybe 10-30% cash as this Wave 5 completes (maybe), but I am not as good as you and K Wave at moving in and out and I am enjoying the ride, especially mentally - this is what we have been waiting for- for a long, long time - so I sit!
