7 replies to this topic

[SilentOne]

The selloff of the last 3-4 days is typical of a bullmarket. Fast and furious and then new a leg up begins. Look at the entire metal complex yesterday. Copper limit down. Copper is getting ready for a new leg up, not a top.

So we hit resistance and we decline to support. Where will that be? The uptrendline? The 50 dma? 200 dma?

http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$HUI,uu[h,a]dbolnnay[dd][pc50!c200][i][J36939996,Y].gif

http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$HUI,uu[h,a]wbllnnay[df][p][i][J32134425,Y].gif

I like these charts from JC. Very clear and very simple. First support likely at the 50 dma and immediate uptrendline. I expect it to hold and bounce. If it doesn't hold, then a drop to the 200 dma and larger uptrend line on the second chart is the next stop.

I reloaded some positions yesterday. Silver is getting ready for a big movel. That is not a bear flag on silver, but rather EW subdivisions (1,2s) IMO. Added back WTZ, 1/2 CDE, 1/2 HL. Added back BVN at the lows. Added back NXG to retirement accounts and 1/2 AUY (YRI.TO).

Added PAL and SWC. Palladium is going to do well in the coming months.

By Friday I hope to get a chance to add positons on margin once again. Good luck!

cheers,

john

[SilentOne]

I have seen worse looking candles in my day.

http://bigcharts.mar...&mocktick=1.gif

Added to CDE and HL positions today. I'm very bullish silver. Had to buy back BVN and YRI.TO today after selling them. No one posts here anymore. Shame.

cheers,

john

[senorBS]

Even if bullish this "skakeout" is not over. Pure BS Senor

[Mr Dev]

Well even tho I don't trade it, I was curious. With only a quick glance at a 2 and 6mo chart along with three indicators and 2 better MAs, I would say Mr Senor will be correct. There is an important trendline break in price, and important TL break in my st MAs. The recent bounce after the breaks took place right at the zeroline for some indicators and extremes for others,.. right where many indicators would or should find some supp. The chart also looks like many of our other market charts did just weeks ago. That was when I said, even if price can make a new high we would likely see more indicator Diverging and giving aggressive types, like me, the signal to sell and short big time. I just can't see further thru the short-term direction,.. untill the market lets me. Good luck to all. MrDev

[SilentOne]

Nice call Senor, Took profits on my ST stuff. Could have done better on catching a 10pt HUI bounce though. cheers, john

[Mr Dev]

big down day looks like some got it right and some had it wrong ! good call senor

[Mr Dev]

Silent ONe

I have seen better looking TA indicators in my day. Those almost told the story if

they were tuned up and you could ignore the price candle.

[SilentOne]

Hi Dev,

My indicators on daily HUI and XAU? Apart from the various Goldbug oscillators etc. around. Can't link to Stockcharts as all six won't show.

CCI (20) Break below 100 indicated recent top and I was out ST stuff and margin positions.
CCI (60) Break above -100 was a buy back in August. 100% long with margin.
ADX (12) Signalled imminent top on cross below signal line. Second peak confirmed top.
MACD (12,26,9) Cross down confirmed recent top.
Slow Stoch (14,3)
RSI (14) Hope it finds a way to hold 50 and bounce.

So now we see if these things can raise a buy again. If CCI (20) holds the zero line and the remaining indicators can swing to a buy, I'll buy very long again. The XAU and HUI trendlines are obvious, too obvious as you said. But interestingly not gone yet. Nonetheless, bad candles today.

And BTW I like to count ewaves on dailies. Great stuff that. But very hard on PMs because of the volatility. Good when combined with TA though.

So tell me Dev, what do you watch? :0)


Caught a nice bounce though in these from Wed. entries. I'm not encouraged by today's action so took profits. Funny how the $USD breaks 87 and the PMs get creamed.

http://bigcharts.mar...&mocktick=1.gif

http://bigcharts.mar...&mocktick=1.gif

http://bigcharts.mar...&mocktick=1.gif

I love their daily charts. Just not today.


cheers,

john