2864 replies to this topic

[tradesurfer]

how about this chart on gold... this is how I see it...

 

1 2 3 and 4  are cittical swing points that form a support now.. this level must hold for bulls

 

 

at 5  gold recently had a breakout north from this resistance... but now this should be support on todays retest... this is classic wyckoff.. the support should hold

 

number 6 is the red line the first near term battle line that must be cracked for bulls confidence.

 

and then number 7 is the ultimate battle line where bulls can breathe much easier...

 

[Russ]

great running commentary kwave

yes gdxj back to the highs . miners and silver leading.  platinum marching to its own drum silver and juniors leading =bullish

my gann analysis 1793 starts the next higher cycle . we closed above that , is a sign of strength. market was overbought

correction to 1773 support and end of last price cycle.  1754 next support . gann would buy this pullback w/a stop below last low so as to not get stopped out if 

there is a double bottom

dharma

russ nice call right on the cpi announcement

fwiw

i believe gold started a new 31-33 month cycle . as long as 1677 holds looking for 1853  , then above that 1933 .  this up phase can last several months.   

lets see how it plays out

broad market spy, may have put in a 5 wave rally

maybe just maybe folks are waking up to the illusion this inflation is transitory. the genie is out of the bottle. 

the question becomes how long will they be able to keep rates at 0

Dharma, This should just be test of the big up candle on the 13th but I am prepared to be wrong, nonetheless some of the heavyweights in the business are predicting it's going up into Nov. 

Edited by Russ, 15 October 2021 - 02:27 PM.

[Russ]

how about this chart on gold... this is how I see it...

 

1 2 3 and 4  are cittical swing points that form a support now.. this level must hold for bulls

 

 

at 5  gold recently had a breakout north from this resistance... but now this should be support on todays retest... this is classic wyckoff.. the support should hold

 

number 6 is the red line the first near term battle line that must be cracked for bulls confidence.

 

and then number 7 is the ultimate battle line where bulls can breathe much easier...

 

Good analysis. 

[dougie]

how about this chart on gold... this is how I see it...

 

1 2 3 and 4  are cittical swing points that form a support now.. this level must hold for bulls

 

 

at 5  gold recently had a breakout north from this resistance... but now this should be support on todays retest... this is classic wyckoff.. the support should hold

 

number 6 is the red line the first near term battle line that must be cracked for bulls confidence.

 

and then number 7 is the ultimate battle line where bulls can breathe much easier...

 

nice work

[linrom1]

The reason for Friday's selloff was liquidation of 13k futures.

[CHAx]

The reason for Friday's selloff was liquidation of 13k futures.

context?  Are you saying open interest fell 13k?  I havent looked at anything this weekend yet.

[K Wave]

I bailed on metals near the close on Friday, as I did not like at all the dead cat feel at the cliff edge on GLD.

 

With the images below, it should be pretty clear why, with failures on multiple intermediate time frames.........this thing could now go fully synchronous downside in a heart beat...

 

IF....instead of gapping down tonight, which is now a reasonably high probability, the metals can find their footing overnight before going over the edge, will jump back in with a very tight stop....

 

GLD 1 Hr

 

[

 

GLD 2 Hr

 

 

GLD 3 hour...900 now fully rolling over.....and failure to hold the 200 breakout attempt

 

 

GLD 4 Hr .... yet another seriously potentially ugly setup

 

Edited by K Wave, 17 October 2021 - 10:53 AM.

[K Wave]

What I am thinking now is IF there is a gap down tonight, that actual metals may have one last washout, while miners hold up far better.

 

Miner charts looked bottomed intermediate term, but could retest that bottom on a final metal washout.

 

IF instead metals take off from here, and take out Thursday's pivot, could get explosive upside in a hurry as bears start to cover en masse

 

Thursday pivot looks HUGE on GLD now....

 

See what happens tonight......

Edited by K Wave, 17 October 2021 - 10:51 AM.

[dharma]

yes, it sure looks iffy for the bulls here in the short term

i am bullish long term

right here friday, made the bull case iffy until we take out 1800 if not we test these lows. 

w/that being said

tomorrow jupiter goes direct from retrograde,   mercury  goes direct from retrograde on the 19 

saturn changed directions on the 12th

w/3 planets changing direction in a weeks time. when that has happened in the past the markets also changed directions

so we shall see what this week holds.

friday, could have been a warning

dharma

[K Wave]

no gap at all...just more flat......decision of some sort should come soon