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Posted 30 November 2021 - 10:02 AM
Silver held 23 area..so potential positive there. GLD has to climb back over 170 before I Iike the bulls chances a lot better though.
On GDX, the whole ball of wax comes down to that Island In The Sky over hourly 900.
Until bulls reclaim that, no long term breakout.
But if they do reclaim it, bears would likely start to get slaughtered....
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
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Posted 30 November 2021 - 10:09 AM
fwiw one of the gann guys i follow says a major long term low in gld right in this area
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Posted 30 November 2021 - 10:44 AM
GLD rejected right at 169 resistance...
Until we get an hourly close back above that level, still hay mucho potential peligro from that big Ol' Island in the Sky
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 30 November 2021 - 11:08 AM
what an absolute mess of a market. Looking like we are going to get a mini crash in spx, question is does that dump the GDX -50% down like it did in February 2020
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Posted 30 November 2021 - 11:12 AM
i dont think so. but the key here is for gld to actually close above 170 if it can do that i would say the gold sector has bottomed
if not then it could get swept along. at some point gld has got to show some balls and go up no matter what the broad market is doing
if it cant then it has failed . just watching bought some stuff this morning in this sector will add if gld closes above 170
Member
Posted 30 November 2021 - 11:20 AM
as many know robert prechter retired a while back. of course his track record was not stellar. he had made this video back in january, to my knowledge it went largely unnoticed
i am watching it now.
dharma
Member
Posted 30 November 2021 - 11:26 AM
on the qqq i see 5 waves down into 11 /26 then a .62 bounce
have we started a wave iii down in the qqq we will know soon if so
the market is going to get killed
Member
Posted 30 November 2021 - 11:47 AM
well, there is a clear head and shoulders pattern setting up in the spx
this decline is forming the head
on the qqq i see 5 waves down into 11 /26 then a .62 bounce
have we started a wave iii down in the qqq we will know soon if so
the market is going to get killed
Member
Posted 30 November 2021 - 12:15 PM
DXY peaked? I think we bottom in gold today and probably the market too. Shanghai is not going anywhere, it should've been killed last night.
Member
Posted 30 November 2021 - 12:28 PM
just finished listening to prechter. the talk was provacative . i found it to be very interesting. he has 21 as a culmination. i see 22 as the top 5of 5 , but i have been wrong before
i am short the broad market. i have been building a vxx position. i am looking for 15-20% decline. but we will see
as for the pms i am looking at a bottoming process. 22 is an election year. raising rates will not have a bullish effect . i doubt they raise rates more than 1-2 times
dharma
