I would agree that GL is intentionally mispelling his name flyinkal, I would just not agree on your reason why.
April 5 :
Libya's National Salvation government steps down, UN backed alternative government takes power
Brazilian Federal Supreme Court ordered Congress to impeachment Vice President Michel Temer
Iceland's Prime Minister Sigmundur David Gunnlaugsson resignation
Puerto Rico Senate bill for debt moratorium
Zika virus story returns with announcements of various other nerve cell damage caused by Zika
Mexico nominates a new ambassador to the US
Three country leadership casualties plus one other country financial event for which the ramifications of will roll out into bond markets. Rather more geopolitical power rather than pure violence. A suicide bomber in Afghanistan seems to be the only (first) report which could be characterized as 100% "V". Maybe military news or civil unrest reports will come in later. There were various corporate resignations (which I haven't highlighted) and a big merger in pharma seems to have failed.
And gold so far has come through unscathed. Next and more likely time for an end to the weekly consolidation is between Friday at the close and then next Wednesday 13th with probability of the two being Wednesday. I suspect gold will wake up Wednesday.
You don't agree with my opinion. And the reason he does this is?
Just perused the comments above and yes, gold is due for a big move up or down. If price can get through the r1 line and close above the old h on the 60m chart below, we could have a strong move to the daily r1 line above the market. I believe this current resilience in the price is congruent with gold correcting only shallowly and finding support at the daily chart r1 line and having enough internal pivots in that correction to make it a potential major pivot low. That low needs to be defended for the potential for a new major pivot high to unfold. But we can easily have a rally that reaches the new, minor pivot daily r1 line (in the 1250s-60s), followed by a wave 3 downward that could give us w.A of a larger ABC to unfold, or a completed correction to the big rally from last year's low.
This has been quite a volatile market for day trading, for sure.
At the moment, 60m gold has corrected downward with a close barely under (actually, it's too close for me to call, visually) the lh of the ml from the bottom (using the minor pivots 3-4-5, not drawn in) without making its ml again on the rally (a very steep ml). Maybe we get some corrective action for a small w.b and then get to challenge r1 around the market open on a w.c to new highs for this rally. But I'm off to bed!
I won't be awake for this, but maybe some of the European crowd will go long at/near r1 for a move to the r1 line discussed above. Maybe $8-9 pretty quickly... DYODD.
or simply the 50?
Same reason you just wrote Sflade
The 5th, 9th - 11th, 13th are the G-V dates I watch at the moment. They are not the only "event bottlenecks" There are others after that.
In the chart you posted the price met the rising 50 day moving average on the 5th, which is a trading entry with stop set at re-piercing the MA.
There are two trend lines on the chart which met the price same time.
Those two trend lines crossed each other same time.
And the price printed a minor higher low at the same time.
Did you notice most the oscillators in that chart are converging on zero at the same time (approx)?
The chart shows certain things happening. But a G-V is independent and does not require technical formations to be constructed by the price movement.
When all these things converge that convergence precipitates a technical breakout or reversal of some strength.
From my lone vantage point the metals look to be ready for a new move up based on the relentless pressure that the bullion banks have applied. 2016 is showing small cracks in their ability to manage price. With the dollar faltering it will provide additional stimulus to acquire pm's. Looking for violent moves to the upside met with sharp rises of open interest shorting. Big changes are ahead in world politics and finances. Just my take.
I thought these short animations were creative:
Nice job Gold-And-Silver Coins
What plugin is required for a TurdTalk Chat?
There was no way to predict the corrective price action that I know of. But what happened illustrates the general concept of being watchful for a 5 pivot pattern inside the r1 line. What constitutes 5 pivots is often subjective and uncertain, but this case was very clear, both in pivot size and structure.
Again, using the reaction line tech to spot better retracement opportunities for buys. Buy the dip in the third wave (there is still room to the r1 line on the daily for continued rally). Look for oversold on appropriate time frame (won't be oversold on 60m chart). I think we can say there would be 5 pivots if RL is reached.
Hat tip to Mish for this story:
Ukraine About to Break Apart! Transcarpathia Region “Demands” Autonomy From Kiev
The date of the vote is the recent G-V day posted in Setup For The Big Trade.
At time of typing this , the western media have not given coverage to this story. Wait and see.
They are however covering the (also G-V synchronized) Netherlands story:
Netherlands rejects EU-Ukraine partnership deal
Today is the first following day of importance, with a multi day G-V high lasting from a peak Friday until the next peak in the middle of next week.
Pete wrote: What plugin is required for a TurdTalk Chat?
I'm not sure. But we could use Skype or Google Hangout.
Drop me an email to: baitboat_dude[at]yahoo[dot]com
An EW suggestion and possible cycle count.
both are showing the current correction indicates underlying strength.
Until proven wrong of course.
Read the first line of the last paragraph (top of page 3) at least twice :
Hold on to your junior miners for a while:
PLAN A= FAILED ! Due to greed, I bought the best juniors out there, but I sold them too early and jumped into high leverage short etf, the Dust, and lost 20% of my profit in less than three weeks
PLAN B= So far so GOOD. Moved into high risk pennie stox that had great potential. Large properties, good management, well funded and unbelievable undervalued, down more than -90% since the top.
PLAN C= Stop trading, this is not an option, not today.
There is underlying strength. I just checked the latest CoT and both sides are upping the ante. AR tech says prices should make the r1 line at a minimum (or the budding rally is actually weak and not strong). With that in mind, I favor a short term (at least) bullish stance but I've been unable to get low-risk long due to many factors outside my control (I'm not a day trader though part of me would like to be; I have other obligations that are far more important to many others). I just discovered the little chart fact below that the committed bulls who keep buying this market on dips are dancing to (some consciously, I believe). It's that small outside sliding parallel on the daily that has nailed the daily low of the last two trading sessions [I meant to say "within 2 ticks" on the chart--a typo]. I may be too late to use it, but I'd like to buy at 1238.1 (the osh value for Monday) and sell/maybe reverse at the r1 line--with willingness to get back long on a thrust over the r1 value. My guess is that's a $20 trade (1238 to r1) within 3 days. A lot of buying pressure has been building that could give us a very strong middle-of-the-third type of thrust that could take price over r1 and on toward r2, with 1300+ in sight.
argentus maximus wrote: The area at 100 requires more trading by GLD in my opinion. This may be soon as a medium term outcome, but if not visited during 2016 it may alternatively materialize in the longer term at the next business cycle lows for GLD.
The area at 100 requires more trading by GLD in my opinion. This may be soon as a medium term outcome, but if not visited during 2016 it may alternatively materialize in the longer term at the next business cycle lows for GLD.
Down into midsummer solstice or we wait until next year ?
argentus maximus wrote: And gold so far has come through unscathed. Next and more likely time for an end to the weekly consolidation is between Friday at the close and then next Wednesday 13th with probability of the two being Wednesday. I suspect gold will wake up Wednesday.
Hmmm, wake up or down ... silver is happy today, but for how long? Miners is moving up predicting the move for Gold?
I can not sell my explorers, too much going on at the moment that could drive the price into the stratosphere.
Overbought on a monthly chart, not so much on a weekly. I am tempted to say up from here ...