one more move down and then we should bounce at least
what the hell, out on a limb. the 1850ish low marks the bottom of this correction. the next leg higher begins now
Started by
dharma
, Oct 21 2020 09:54 AM
1426 replies to this topic
#752
senorBS
-
- TT Member+
- 10,953 posts
Member
Posted 14 January 2021 - 02:38 PM
OK could not resist having at least something long, bought one of my Canadian miners I like Wesdome (WDOFF) at 7.56 this morning, daily close only charts show a new decline closing low (7.60) yesterday since the AUG highs above 11, looks like it could be a wave 5 of C to end correction - so far nice daily RSI divergence basis Nov low. Note that a new resource estimate is due out any day so that could effect stock price near term, I like this stock as an inter. term play at these levels and wave and technicals allow me to buy. as always DYODD
Senor
My bad resource estimate was already out in Dec, what's coming is 4th qtr production numbers
Senor
#753
linrom1
-
- Traders-Talk User
- 4,006 posts
Member
Posted 14 January 2021 - 04:00 PM
It feels like capitulation.
#754
senorBS
-
- TT Member+
- 10,953 posts
Member
Posted 15 January 2021 - 09:01 AM
one more move down and then we should bounce at least
I don't know, this mornings early weakness "could" be an acceleration gap lower heading toward the Nov lows, silver leading lower this morning after weak economic numbers may tell the story for today and next few days, and with a looming 3-day weekend he pressure may stay on. Am not sure of anything, with the exception of initial smallish WDOFF position taken late yesterday am over 95% cash. Production numbers were OK for WDO in qtr 4, next yr looks solid and so far Kiena looks on schedule, if they take it lower may very slowly add, looking at $7 area if this decline overall does get "serious" next several trading days
Senor
#755
senorBS
-
- TT Member+
- 10,953 posts
Member
Posted 15 January 2021 - 09:04 AM
It feels like capitulation.
not quite yet IMO, maybe today gets the capitulation ball rolling? I hope so. The wave counts are just too sloppy here, it would be so much better id in most miner ETF's/indexes we take out the Nov lows, who knows though 
Senor
#756
linrom1
-
- Traders-Talk User
- 4,006 posts
Member
Posted 15 January 2021 - 09:22 AM
If gold takes a dump here, this is not a decline in wave 4.
#757
linrom1
-
- Traders-Talk User
- 4,006 posts
Member
Posted 15 January 2021 - 10:20 AM
I am hearing 1600, they are jumping to buy at that price.
FNV made a new low and now retraced 50% of its March low. Tim Wood says that gold is early, all assets groups will tank like in 2008.
#758
senorBS
-
- TT Member+
- 10,953 posts
Member
Posted 15 January 2021 - 10:47 AM
anyone have any recent DSI numbers?
Senor
#759
linrom1
-
- Traders-Talk User
- 4,006 posts
Member
Posted 15 January 2021 - 11:04 AM
FNV made it into Feb-March '20 range, that would be equivalent to gold going under 1700. That's not a correction, this is a bear market.
Edited by linrom1, 15 January 2021 - 11:04 AM.
#760
senorBS
-
- TT Member+
- 10,953 posts
Member
Posted 15 January 2021 - 01:15 PM
FNV made it into Feb-March '20 range, that would be equivalent to gold going under 1700. That's not a correction, this is a bear market.
I guess we may be debating semantics of what a "bear" is. I think we are "correcting" a huge bull leg from March to Aug highs in most stuff, I don't think its a wave 4, I think this is a wave 2. So given the "percentage decline" in a lot of stuff from the Aug highs easily at the 20-30% or even more levels a "cyclical bear" is a reasonable labeling, "secular" I don't think so, we see
some very "interesting" stuff here, NEM seems ready to go positive, AEM and GOLD holding up well compared to leys say GDXJ or SILJ, pick your poison
Senor
Edited by senorBS, 15 January 2021 - 01:17 PM.
