4036 replies to this topic

[Smithy]

As of yesterday spot gold retraced 63.0% of its rise and silver 78.8%.

 

While that helps the case for a low, the EW count of the wiggles for spot gold favor (but don't require) another drop for a few days "if" the bull case is correct. I slightly favor that the low is in, but will scramble for the exits if the latter seems to be forming.

 

On the other hand, if gold's 5 waves down from the March '22 high is the first downleg in a bear move, then the bulls can go hibernate til late next year. It would mean that March high was a primary 5 peak.

 

Comments welcome.

[gannman]

i dont see that scenario smithy . i do believe an important low happens this week

 

and i mean a very important low fwiw 

[gannman]

What we need to see here is a powerful rally in this sector
Gld over 175 then a powerful rally from there until then bulls have nothing

[Smithy]

GM, I'm curious - your reasoning for a low this week?

I hope you're right! 

[dougie]

As of yesterday spot gold retraced 63.0% of its rise and silver 78.8%.

 

While that helps the case for a low, the EW count of the wiggles for spot gold favor (but don't require) another drop for a few days "if" the bull case is correct. I slightly favor that the low is in, but will scramble for the exits if the latter seems to be forming.

 

On the other hand, if gold's 5 waves down from the March '22 high is the first downleg in a bear move, then the bulls can go hibernate til late next year. It would mean that March high was a primary 5 peak.

 

Comments welcome.

sounds about right.

[gannman]

smithy i see 5 distinct waves down in gld from the mar 8 top 

 

but lets see gld break above 175 and then break above 181 

 

if it can do that the bottom is definitely in imo 

 

from the low in gld in 2015 to the top in 2020 gld has 

 

only retraced .38 of that move so it has held up well 

 

from the top in 2020 it did an A wave down into mar 2021

 

a B wave up into mar 202 and then a C wave down into aug 2022 

 

that should complete the ABC correction of the up move from dec 2015 

 

that is what i see welcome to hear other interpretations 

 

and imo we should see a violent rally off the lows this has been a 2 year plus correction

 

this thing should rally strongly 

Edited by gannman, 24 August 2022 - 12:16 AM.

[K Wave]

Gold 3 min all wound up...can bulls light it up here soon?

[K Wave]

G/S tryin' to bust 5 min line after epic battle for it....

[K Wave]

For Gold, all about clearing that big 1753 today....

[K Wave]

G/S tryin' to bust 5 min line after epic battle for it....

and that line still holding....