41 replies to this topic

[senorBS]

Technically speaking, an important top in the precious metals is now behind us exactly as the gold chart forecasted some 13 months ago. Structure wise, in a general sense, the pullback is likely to mimic Bitcoin’s current correction but maybe not as deep due mostly to the physicality of the commodity itself.

 

Anyway, it is what it is until it isn’t.

 

Fib

Excellent calls amigo. Also looking at same areas as you on downside as well as GDX 70 area for important support. As I stated on the other thread, what else should one expect when a parabola ends? My main wondering is just how important a top that was? A year? or much, much longer?

 

Senor

[fib_1618]

 

Technically speaking, an important top in the precious metals is now behind us exactly as the gold chart forecasted some 13 months ago. Structure wise, in a general sense, the pullback is likely to mimic Bitcoin’s current correction but maybe not as deep due mostly to the physicality of the commodity itself.

 

Anyway, it is what it is until it isn’t.

 

Fib

Excellent calls amigo. Also looking at same areas as you on downside as well as GDX 70 area for important support. As I stated on the other thread, what else should one expect when a parabola ends? My main wondering is just how important a top that was? A year? or much, much longer?

 

Senor

 

 

If I remember correctly, you and I touched on this before with your comments on the monthly data that one would expect some sort of divergent top to put a fork in it. But being that we're talking on a monthly time scale, that could be 1-3 years out before we see prices over $5000 again for this same longer term technical divergence!

 

So let's just call the January top "important" on an intermediate term scale and take our clues as things move along on how critical it is/was later on. All we know for now is that the trend is down.

 

Fib