The REAL wave 3, possible V bottom thread

another intraday decline attempt, not as much as yesterday, and  met with buying. Looks to me like fairly high level consolidation action readying for new rally highs since the recent plunge lows.

 

Senor

and BTW basis hourly charts in stuff like GLD/SLV/GDX a new rally high could easily complete 5 up, and even in GDXJ if this recent action was a 4th wave contracting tri new highs would be 5 up as the overlap would not be an issue.

Senor

 

another intraday decline attempt, not as much as yesterday, and  met with buying. Looks to me like fairly high level consolidation action readying for new rally highs since the recent plunge lows.

 

Senor

and BTW basis hourly charts in stuff like GLD/SLV/GDX a new rally high could easily complete 5 up, and even in GDXJ if this recent action was a 4th wave contracting tri new highs would be 5 up as the overlap would not be an issue.

 

Senor

fwiw , that is how i am looking at it.  the fact that we are hoovering around 1640 , the new higher price cycle tells me that the market is well bid.  the full moon is sunday and mercury goes direct march 9= all this bs on the corona virus may fade into the background.  sure i see platinum is weak , but its the tail at this point

dharma

Gotta love Trumpy if you are a gold bull:

 

"

President Trump on Tuesday criticized the Federal Reserve’s decision to cut

interest rates a half percentage point as insufficient, demanding “more easing and cutting” in a tweet.

“The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors,” Trump tweeted. “We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!”

Donald J. Trump

");">

 

The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field.

Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!

LOL  Senor

trump is the chief economist and the real fed chair. w r doomed

 

another intraday decline attempt, not as much as yesterday, and  met with buying. Looks to me like fairly high level consolidation action readying for new rally highs since the recent plunge lows.

 

Senor

and BTW basis hourly charts in stuff like GLD/SLV/GDX a new rally high could easily complete 5 up, and even in GDXJ if this recent action was a 4th wave contracting tri new highs would be 5 up as the overlap would not be an issue.

 

Senor

 

With this mornings new high above 1651 from last weeks "crash" lows (1562 area) IMO gold now has "worst case" 5-waves up with wave 5 perhaps still having more upside to go. Could of course be more bullish but looks good so far, And if it is 5 up we could of course see a significant correction once the upside is complete, IMO excellent action so far and the V bottom scenario looks better and better, and da beat goes on....

Senor

Perhaps? It could also be just 1 of 5? The RSI is only over 91%?

Edited by linrom1, 05 March 2020 - 03:13 PM.

Perhaps? It could also be just 1 of 5? The RSI is only over 91%?

doest that x wave violate fiboncci principles of x waves?

Check out Vol in gdxj this month

my data source is correct I have the 30 yr yield down to 1.31%! yes 1.31%!!! that's about a 16% drop from yesterdays close near 1.57% and this comes after a string of declines to all time lows. This is really something, got gold? Forget about the short term squiggles

Senor

Looks like possibly extremely important next few hours for GDX....

IF the reversal gets taken upside and GDX closes over 30 today, then bulls have most likely take the ball back for the longer term.

But if the reversal holds, and GDX takes out 29, then this was just a B wave up, and more down to come....

Hope you guys are paying attention to the action in GDX....

Now GLD reversing, as expected....

DUST performing quite nicely this AM, could be another massive winner on that one by the end of today...

Did a 19% day trade there in the IRAs the other day...today may be better....