$gld $nugt $dust $gdx $gdxj $jdst $jnug $dxy Strictly based on technicals, gold has a lot of room here over the next few months
There is a H&S developing that I've been tracking but the right shoulder looks ugly due to the FUD of the TradeWAR...but it still want to complete its full right shoulder...which now has developed into a rising wedge..with decreasing volume and RSI fluttering at the top...as the title states "the drop is imminent in gold" time to buy $DGLD or $DUST
Just a little update to how I am currently seeing gold price behavior and the pattern that lies ahead. It makes sense. This next push should bring gold up to the $1400 range and then be the end of the large B wave. You know what comes next right!? The big C
Going to buy some puts. Looking for jobs as an analyst.
I find patterns in the canvas, it looks to me like it's going down a bit in the near future. It will likely bounce back to form the right shoulder as well. Short, Put... Good Luck Disclaimer: I am not qualified or associated in any financial profession. I just like this stuff.
Dollar support area, bull divergence, and possibly #6 of a broadening formation (megaphone). Will it be enough?
Well here we go again. GDX is at the lower side of the trading box. A buy here with a stop directly below should produce a good risk reward trade. It won't be a straight line higher, but could reach the top of the box eventually.
So we bottomed at $11.37. I was thinking somewhere between the $11.50 - $11.30 range. So that worked out well. But it appears to me that we only completed wave three down and still have to do wave 4 and 5. So wave 4 should top a little over the $14 dollar mark before dropping to a much lower low...(too early to call but maybe in the mid $8 range).
I went long on $NUGT after the test of key support today. I always keep my trading simple and this is as simple as it gets. I am recommending traders buy the gold miners above key support with a tight stop loss and a target near the upper resistance of the 2017 trading range.
Here is the 1 hour chart for Jnug. We are in the 5th wave down.....but we are only in the mini 3rd wave of this 5th wave. I wouldn't be surprised if Jnug hits below the $11.50 range. GL
So it appears that gold is finally rolling over. Jnug is already responding. On this 4 hour (and you can check the smaller time frames) it appears that this 1st wave down is complete. You can count 5 small waves down. Don't be surprised if we get a large 61.8% to 78% Fib Pop tomorrow for wave 2. Then I would absolutely be in JDST. It is hard to pick a bottom...
This is the view I currently favor. Ifffff correct price should not go above 25.71 (a). May want to wait for short term uptrend line to be broken. Daily RSI has a negative reversal followed by bearish divergence which often is followed by a drop. Process your way.
Playing Trading Simulator Game: Learning about Ichimoku Clouds. Downward Trend Trading: Used to SHORT a stock. The setup is when the price moves down and through the cloud. Wait for the signal. The signal to SHORT the stock is when the cloud changes color. Either have an exit price in mind or wait for an exit signal. The exit signal is when the price rises above...
A Little while back I was using cycles to help me with great accuracy, determine when to get in and out of both Jnug and JDST. Then it appeared to have gotton a little wishy washy. Well I think I got it back. If I am correct, we should continue to drop(not in a straight line) in Jnug until around the 18th or 19th. Coincidently the 19th is the day, congress...
RSI is hovering aroudn the Resistance levels, break out coming soon!
It appears that a new gold cycle started a couple weeks early this year. With the slight higher high from the consolidation, that is what appears to have happened. I am still expecting a zig zag pattern so we should start to consolidate next week back down to the multiple moving averages before pushing up to finish the E wave. RSI 10 is very overbought and...