14 replies to this topic

[Woody]

HUI and XAU have tested their 200 ema's and their daily MACD's are curling up, so possible upside in st, need to get through support/resistance line shown on Hourly Chart at about 455 on HUI........we do however have a weekly cross at a high level on the MACD (clearer on GLD Chart)and that will take time to reverse, so in the st a possible retrace of 50-62% of drop or more, and then new lows for this correction(750 target) , 190 looks important on XAU, possible trendline kissback

http://stockcharts.com/c-sc/sc?s=$HUI&p=60&yr=0&mn=3&dy=0&i=p95957131497&a=135067766&r=6784.pnghttp://stockcharts.com/c-sc/sc?s=$HUI&p=D&b=3&g=0&i=p86505496911&a=129073500&r=1375.png

http://stockcharts.com/c-sc/sc?s=$XAU&p=D&b=3&g=0&i=p86505496911&a=129073499&r=8711.png

http://stockcharts.c...5338&r=9622.png

[Woody]

Meant to add this chart too, TL for GLD, what it does here may decide whether this is an ABC or 5 waves down.........

http://stockcharts.c...55338&r=329.png

[dharma]

looks like everyone is looking for new lows, except me. looks like we had a completed down wave. dharma

[Woody]

looks like everyone is looking for new lows, except me. looks like we had a completed down wave. dharma

Dharma.......ya looks that way, but could be a matter of timing, I have no problem with getting long if/when we take out some overhead resistance and we are close on many charts.

My biggest concern (as a Technician) is the weekly chart above on GLD showing a weekly MACD cross at a fairly high level, if we have completed a primary 3 wave to the upside, then I would expect weekly MACD to drop back to +1 area before a primary 4th is complete, then we can get set for the $1200+ giddiness of a wave 5 ....sounds too easy so its probably wrong but its what I see until proven wrong.

Hey, this is all an educated guess, trying to keep score on who is long and short is tough and the differences are often explained by a difference in trading styles and time horizons.

I'm still looking for marginal new lows in the dollar soon followed by an IT countertrend rally that fits in with the scenario above.

Cheers

Chris

[senorBS]

looks like everyone is looking for new lows, except me. looks like we had a completed down wave. dharma

Dharma.......ya looks that way, but could be a matter of timing, I have no problem with getting long if/when we take out some overhead resistance and we are close on many charts.

My biggest concern (as a Technician) is the weekly chart above on GLD showing a weekly MACD cross at a fairly high level, if we have completed a primary 3 wave to the upside, then I would expect weekly MACD to drop back to +1 area before a primary 4th is complete, then we can get set for the $1200+ giddiness of a wave 5 ....sounds too easy so its probably wrong but its what I see until proven wrong.

Hey, this is all an educated guess, trying to keep score on who is long and short is tough and the differences are often explained by a difference in trading styles and time horizons.

I'm still looking for marginal new lows in the dollar soon followed by an IT countertrend rally that fits in with the scenario above.

Cheers

Chris

Muy, muy clear to Senor amigos, cinco wave decline finito, corrective rally norte now underway, then we go south of the 870 border and it gets MUCHO more fun.

BS is beautiful

Senor

[dharma]

senor, gold looks to me like we had a 3 wave downmove. dharma

[senorBS]

senor, gold looks to me like we had a 3 wave downmove. dharma

Sorry amigo but it is a cinco (any 1 or or 3 hour chart shows it), if you think different be muy careful.

NO BS

Senor

[Woody]

senor, gold looks to me like we had a 3 wave downmove. dharma

Sorry amigo but it is a cinco (any 1 or or 3 hour chart shows it), if you think different be muy careful.

NO BS

Senor

Based on 60 min GLD Chart above looks like 3 waves completed on April 1 to me........I'm having trouble seeing 5 waves....but Senor Woody uses glasses

[dharma]

this is a bull market surprises will be on the upside. in your camp woody. dharma

[senorBS]

senor, gold looks to me like we had a 3 wave downmove. dharma

Sorry amigo but it is a cinco (any 1 or or 3 hour chart shows it), if you think different be muy careful.

NO BS

Senor

Based on 60 min GLD Chart above looks like 3 waves completed on April 1 to me........I'm having trouble seeing 5 waves....but Senor Woody uses glasses

When counting waves there is no sure thing, but Senor will take any reasonable wager that after this norte correction completes new lows south of 876 will occur, maybe well south of that level. Pay me now or pay me later?

NO BS

Senor