It should with all this eurozone nonsenseOriginally posted by SilverRex
gold is making a move after hours. hopefully it can hold up for a good starting friday morning.
It should with all this eurozone nonsenseOriginally posted by SilverRex
gold is making a move after hours. hopefully it can hold up for a good starting friday morning.
Man did I wish I didnt have most of my funds tied up in long plays already.
Made 10% on silver today, but that gold has been insane. Congrats to those who got in on it.
trying to guess if gold will be consolidating towards a possible rising wedge. so long the orange up channel holds. then gold should still be looking for further upside.
i think if the orange rising support fails then 1163 could be a short term top forcing gold to retest the 1150-1152 level
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2019 IS350 AWD
20xx NX350 AWD
Of course since I decided to dump my Jnug and take a break over Xmas it sky rocketed fml
Sold pre-market this morning to lock in profits. Didn't want to risk it as it was slowly going down. Damn, huge commission charge but that's OK.
Will buy back in at a dip perhaps.
Edit: Looks like it's coming back up, I may come along for the ride
Got back in
Last edited by Disoblige; 12-30-2016 at 08:38 AM.
Sold my last JUNG above 7 this morning now will Wait. Jnug went up 90% in 10 days that's madness
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2019 IS350 AWD
20xx NX350 AWD
So far miners only has 3 waves up, this impulse rally is wave 3 and if it extends then it can still go higher but gdx at 22 is s good place to take a breather. Looking for wave 4 pull back to rebuy perhaps profit taking will now occur . Looking for JUNG back to 5-6 range
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2019 IS350 AWD
20xx NX350 AWD
PHEW. Scalp traded JNUG several times in the past 30 minutes within the 6.90 to 7.05 range and it was beautiful. I think I'm done for the year. Good luck all, happy holidays.
And now it's dumping. Wow!
Rebuying 1 JUNG under 6 as count suggest gold may still have 1 more leg up into the 1170 area.
as my last chart suggest. gold failed the orange rising support and triggered a correction.
i think worse case is 1150-1152 but gold can bottom here as a bare minimum.
a recount, it is possible this is still only a wave 4 resulting in 1 more higher high for gold before a steeper correction
updated chart.
as you can see, we have a confluence of support making gold a possible bounce from here.
Last edited by SilverRex; 12-30-2016 at 11:25 AM.
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2019 IS350 AWD
20xx NX350 AWD
also stepping back. i mention miners had 3 waves up. well today's decline pretty much seals the wave 4 move down. the critical part in all of this is that it needs to make a wave 5 up with gdx breaking above 22.23, this would be like a nail in the coffin and final confirmation that the low should not be revisited.
update. gold got down to 1151.55, if 1151 gives way. it will punch down to1146 which is the target for this morning's h&s breakdown.
personally i would like to see this zone hold and only be revisited after gold makes a higher high first.
Last edited by SilverRex; 12-30-2016 at 11:53 AM.
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2019 IS350 AWD
20xx NX350 AWD
5m positive divergence on the miners forming. hopefully the bleeding stops and a bounce starts
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2019 IS350 AWD
20xx NX350 AWD
just a quick update and chart.. if the bottom in miners is in. then this pull back is a correction. the only question is whether this is a sub wave 4 pull back or a larger wave 2. looking at the daily chart, it looks like miners only have 3 waves up. but we will know by next week, if this is sub wave 4 then price should bottom here.and begin consolidating between 21-22
notice the top was on strong volume? well the sell off was also on volume.
also if miners gap up or can remain above 21, then there is a good chance it has successfully backtested the previous trendline breakout. with price bouncing off 20.80 today, it is also the 38% fib support level.
however if this is a wave 2 pull back, then this drop may only be wave A down. with a possible lower low that could tag the 50 or 61% fib level. this would help fill the gap below as well as the possibility of tagging the rising channel support.
personally i have opened a position in jnug under 6. if miners heads down to the next two fib level, i will add a few more positions.
yesterday during the record close, gdx was SoS with over 600m, today on the decline it was again on the list but Bow over 500m. i am leaning towards a bounce next week.
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2019 IS350 AWD
20xx NX350 AWD
looking at the daily chart for gdx to start the week. as mentioned previously, i was expecting gdx to take a break at 22, sure enough it came crashing down after it hit slightly above 22. obvious reason is the down trend line that started this entire swoon. closing or breaking out from it would have been extremely bullish.
also on this chart, miners looks like there is only 3 waves up. which means, if the bottom is in and a multi week or even month up trend beings, then we need to see a 4th wave higher than 22.23
also notice how gdx is currently backtesting a previous neckline breakout. ideally i would want to see price continue to hold above this neckline until the next breakout.
the alt view is that somehow this pullback is already wave 2, and could stretch further down to the 20.4 and under 20 level. which i will gladly add more positions
Last edited by SilverRex; 01-02-2017 at 07:14 PM.
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2019 IS350 AWD
20xx NX350 AWD
Well, strong start to the week for gold so far!
one thing i was concern last week was that breaking below 1151 would be a neckline h&s breakdown targeting 1146. funny how gold managed to hit 1146 dead on this morning.
since then, gold has a mini 5 waves up and 3 waves down. so let see if it can translate into something significant
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2019 IS350 AWD
20xx NX350 AWD
if I counted this correctly, biotech looks like 1-2, 1-2 completed sub 3 ready to launch
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2019 IS350 AWD
20xx NX350 AWD
fcx also has a similar setup. and confirmed with a neckline breakout. while it would be nice to pick up more shares in the low 12s. I am fine with fcx moving up now
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2019 IS350 AWD
20xx NX350 AWD
interesting action on gold. either gold is very corrective today and a break under 1146.50 could trigger a big sell off.
or it is extremely bullish in a 1-2, 1-2 setup waiting to explode.
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2019 IS350 AWD
20xx NX350 AWD
bought back a position in ndm.to seeing it has filled the gap down the 2.6 area
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2019 IS350 AWD
20xx NX350 AWD
well gold breakout out of the neckline, lets hope this is the real breakout and not a head fake. so long gold holds above 1151 I would view this as very bullish implication
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2019 IS350 AWD
20xx NX350 AWD