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One last smash-job coming. There’s an a-b-c wave structure forming from the last top right before the “coil” broke down. Wave “a” bottomed at $1240.48 on the morning of 6-3. Wave “b” is extant now, and is a classic wave “b”, i.e. not genuine. Wave “c” will commence shortly when the realisation hits that wave “b” isn’t The Real Deal. Wave “c” will bottom at either $1227 ( .618 of wave “a” ) or $1204 ( 1.000 of wave “a” ) $1204 would be scary enough to finish The Final Flush of every last gold bull.
How high do you have the b wave going? Do you have a time line? Example tomorrow? Next week before c wave takes it down?
Imminent. May have already occurred. $1265 will tell the tale.
Again I repeat, I wish that I understood technicals!
Thanks Gary…appreciate your view on volume ex. GDXJ
Nice little “pop” so far in GDXJ today, Joseph.
Gold are Going under 1200 before hits rice over 1300
If you “like” GDXJ, you’ll “love” JNUG, the 3x leveraged ETF derived from GDXJ. Take a look at its last 30 minutes from yesterday. Dramamine Special !
If you like JNUG, you’ll love GDXJ call options. I have booked far more than 3x GDXJ’s gains of the last week!
Matthew and Dallas,
You two are so far ahead of me!
You will like even better on margin. It will make your hair stand.
Time to bye DUST. it will rice over 30 soon.
lars,Stop standing on your head, it will hurt you.
Just for a quick flip trade, lars, and don’t take your eye off the quote machine for even one second. If we get this “final smash job” it’ll come and be gone in the blink of an eye.
The best time for dust will be the end of September but it will likely bounce back again into the 30’s.
Equity markets have that “teetering-on-the-brink” feeling to them. Wouldn’t take a Black Swan to tip them, just a slightly Grey one.
I agree, but I don’t think even a grey swan is necessary… just time.
As conventional stocks continue to lose strength/momentum even as price continues higher, interest in GDXJ is skyrocketing. Its “scooter rank” (SCTR) was just 16 on Monday but went over 60 this morning (it’s 38.5 at the moment).
Gold could take a quick dip below 1220, but I think the miners have bottomed.
Now that I do agree with Matthew. Just time!
Not so sure about that Dallas. I sense that more and more folks are getting a bit more optimistic. I do have to admit that I have certainly not been exactly screemingly correct on the “conventionals” in the past. I will add; however, that our diversification philosophy has kept us in pretty good stead!
Not sure if you follow gaps on miners very closely but are you seeing many gaps still left behind on many miners? And if yes does that not concern you?
If an intermediate & yearly cycle low has formed nothing else will matter. No gap can overcome the thrust out of an intermediate degree bottom.
The only question is whether the ICL is complete. I’m of the opinion it probably is and we will not see 1240 for the rest of the year.
Glenfish, GLDX just gapped up this morning
Its the reason I still have cash on the sidelines. Gaps always concern me.
DUST up fast now..over 30 this week!
I mentioned last week in the arquives that we would move up and to give gary until tuesday the latest confirmation on that. My message was intended for jj.
Its to bad jj is not here because he did mention he would cover shorts at 212/215 hui.. And had wiggle room to cover final short around 220/222 if I’m not mistaken.
My views were based on many indicators that doc and gary use.. My long postion is pretty much set in place from the buys a week or so ago.. I will not touch them regarless if we move down. My trading postion is in a sweet spot as I have very nice gains and indicators continue to show higher. If indicators reverse I will sell them for profit. My longs are locked in. Still have cash on side if needed..
Sounds like you are doing pretty well here, glenfidish!
Al, thank you
This mov was very easy to predict one week ago. Most miners were at very extreme oversold conditions. The trend has been up for a week now. Not sure how long it will last. Gary predicts 18 to 26 days somewhere in that vicinity towards the upside if this indeed was a daily cycle low or intermediate/yearly cycle low. I’m firm believer the miners look to have bottom. I’m basing this sentiment on past experience, gut feeling, and indicators thus far. No one is perfect but how can you not at the very least nibble the past weeks on miners.
If you are a savvy investor, you have to at least nibble!
JNUG options–not very liquid and usually have wide bid ask–
Just use GDXJ options. You can always get the risk/leverage that you want by choosing the right strike and expiration.
No need for the JNUG options; the ETF itself is all the “ride” you want, or need.
Miners have certainly done well. Last week Allied Nevada was down to about 2.70ish. Today it is 3.45 bucks.
GDX and GDXJ are doing good also.
Usually around now I kick myself for missing the bottom and then stand on the sidelines for the next 6 months watching a stock soar 🙂
Always best to wait for the Gary subscribers to get shaken out before hopping on board. That’s probably what happened on the afternoon pullback….but, if not, then we’re going lower just to stop them all out, and then it’s off to the races. 🙂