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Posted 20 July 2021 - 10:57 AM
The key Q in SLV (23.02 last) is whether it needs to take out the late March low at 22.13 and "possibly" fill a gap at 21.16, or if this is a deep abc decline after a 5-wave rally from late March low and we bottom very soon near this 23 area. I got no answer and though we are very oversold daily weeklies do have some room to the downside. Tough call, but we could have an answer soon if we rally hard from this 23 area or accelerate below it
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Posted 20 July 2021 - 11:03 AM
This should bottom here?
Member
Posted 20 July 2021 - 12:33 PM
did a little buying on this last dip, some stuff is so oversold I simply "had to", about 10% long now, as always DYODD
Senor
Member
Posted 20 July 2021 - 12:48 PM
some of the miner/gold ratios are somewhat "compelling" here, for example the NEM/GLD ratio is more oversold than the March lows of this yr and last yr, most oversold since May 2019. HUI (daily RSI divergence) and GDXJ (no divergence VERY oversold) ratios below the March lows - is large ABC decline ending in those? Rather amazing how oversold/washed out some stuff is with gold still above 1800. What's gonna give here?
Senor
Member
Posted 20 July 2021 - 01:13 PM
feel like I am talkin to myself here, that's like a bullish sign ya think? No interest, everyone in their bunkers scared chitless? Hmmmm
Senor
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Posted 20 July 2021 - 01:48 PM
added another 5% to 15% long on this latest dip, as always DYODD
"All by myself" LOL
Senor
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Posted 20 July 2021 - 01:55 PM
you are not alone, but this action is clearly doing its job. I think more down to come I am looking for mid late august
Member
Posted 20 July 2021 - 03:39 PM
SILJ fills most of its gaps, but the older gaps around 9.5 and 12 make me nervous.
Notwithstanding, I'm looking for this pullback to be over no later than Friday/Monday.
Small potatoes in gold and more of a swoon in silver, and the miners as you say.
Member
Posted 20 July 2021 - 04:05 PM
some of the miner/gold ratios are somewhat "compelling" here, for example the NEM/GLD ratio is more oversold than the March lows of this yr and last yr, most oversold since May 2019. HUI (daily RSI divergence) and GDXJ (no divergence VERY oversold) ratios below the March lows - is large ABC decline ending in those? Rather amazing how oversold/washed out some stuff is with gold still above 1800. What's gonna give here?
Senor
Curiously NEM is at the same price level it was last time in April before earnings release due on Thurs.
Edited by linrom1, 20 July 2021 - 04:06 PM.
Member
Posted 20 July 2021 - 05:30 PM
SILJ fills most of its gaps, but the older gaps around 9.5 and 12 make me nervous.
Notwithstanding, I'm looking for this pullback to be over no later than Friday/Monday.
Small potatoes in gold and more of a swoon in silver, and the miners as you say.
see my new thread on a possible huge silver contracting triangle
Senor
