Member
Posted 19 May 2022 - 11:53 AM
i am buying in the gold sector like i would buy a delicious bowl of hot soup on a 10 degree day
the bull is back and yes i think the general market will crash
Amigo you might be right but be very careful, all markets are treacherous here and as just Dharma wrote nothing will withstand a gen mkt crash. I am a big picture gold bull but see nothing yet that tells me anything decisive has occurred - this is one very good up day, lets see where it goes from here. just my take
Senor
Member
Posted 19 May 2022 - 11:57 AM
I am looking at XAU and I see a simple a-b-c up for Wave 4 - Wave 5 next to complete this down wave from April top, FWIW
that's what I keep looking at as well, as I wrote early this morning this near term leg up is either a C wave ending an ABC correction or if bullish a 3 of a larger developing 5 off last weeks low - no one knows so I prefer for now to let the price action from here dictate what I do. Love being fully cashed up at this time and also agree gen mkt looks very bearish
Senor
Member
Posted 19 May 2022 - 12:25 PM
There is ONE chart that really makes me "nervous" about big further gen mkt downside relatively soon and that is daily COPX (copper miners ETF). It imo has an absolutely clear and huge 5 down from recent major highs, and now appears to be in wave C of a possible abc rally - if correct that does not portend good things. as always DYODD
Senor
Member
Posted 19 May 2022 - 02:02 PM
thanks senor i appreciate you thoughts always yes i can def be impulsive especially when it comes to gold which i love with a passion
i am hedged here so the hedge will come off when i am sure i am right so i wont get hurt
Member
Posted 19 May 2022 - 02:45 PM
There is ONE chart that really makes me "nervous" about big further gen mkt downside relatively soon and that is daily COPX (copper miners ETF). It imo has an absolutely clear and huge 5 down from recent major highs, and now appears to be in wave C of a possible abc rally - if correct that does not portend good things. as always DYODD
Senor
gotta say I feel really good about being cashed up here with my accts within 2% of all-time highs made into gold's last big run higher. I gave up a bit on the recent big drop but not much given the size of the recent miner plunge! IMO at this time all the markets are extremely DANGEROUS and volatile and there is going to be a time this summer/Fall when we will possibly see some real extremes (opportunities) especially in gen mkt. I want to be in a big time cash position if/when it gets as ugly as I think it might. as always DYODD
Senor
Member
Posted 19 May 2022 - 02:55 PM
as i have said i am long vxx , so i am short the broad market. so i am a bit biased , or i would not have a position. that said valuations are still sky high. into january the market had the largest margin debt on record. buy the dip , stocks never go down. this takes a good beating to change this ingrained philosophy. its coming
the war cycle starts in a few days . i dont know what or who will be involved. august-october look really treacherous. we are getting into a more intense time. everyone has to handle this as they see fit or are comfortable to do so. then there is the mid terms. americans vote w/their wallets. i see pension funds are in trouble, they were getting very little in returns for their money and yet they had huge obligations. this is going to surface later this year. states are promising chks to offset higher gas prices. print , print , and print some more. we have entered a different world capitalism is dead. the price of capital is set by central planners, not by the market of supply and demand.
dharma
Member
Posted 19 May 2022 - 03:22 PM
There is ONE chart that really makes me "nervous" about big further gen mkt downside relatively soon and that is daily COPX (copper miners ETF). It imo has an absolutely clear and huge 5 down from recent major highs, and now appears to be in wave C of a possible abc rally - if correct that does not portend good things. as always DYODD
Senor
gotta say I feel really good about being cashed up here with my accts within 2% of all-time highs made into gold's last big run higher. I gave up a bit on the recent big drop but not much given the size of the recent miner plunge! IMO at this time all the markets are extremely DANGEROUS and volatile and there is going to be a time this summer/Fall when we will possibly see some real extremes (opportunities) especially in gen mkt. I want to be in a big time cash position if/when it gets as ugly as I think it might. as always DYODD
Senor
i dont know how you do it. hats off.
meanwhile we all seem on the same page. this looks like a 4 . but the C might not be complete.
Member
Posted 19 May 2022 - 08:07 PM
IF IF IF PL can hold this back test of the breakout above 960, am on the verge of issuing an All Clear...correction over...
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 19 May 2022 - 08:10 PM
IF GDX can clear 33 again and then stays above the 200 for a few days, that one may almost be ready as well...
It's how things ACT at the key pivots that matters.
Edited by K Wave, 19 May 2022 - 08:15 PM.
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 19 May 2022 - 08:45 PM
PL hourly...again IF we get a big green stock outta this wedgie, the 900 hour may done holding PL back for some time to come....
Don't want think about what happens if it fails yet again....
In any event, likely REAL CLOSE to big decision here...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
