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Reason to Stay Optimistic on Gold 11/23/21

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5 day cycle projection on ES, S&P fugutures 4655-60. But what a mess. If they clear 4685, could be off to the races on the upside again. Otherwise we got ourselves a steep downtrend working. 



Reason to Stay Optimistic on Gold

An Explosion of Sell Signals in Swing Trade Screens

Underweighting the Negative Signs

Beware- Debt Ceiling Uncertainty Darkens the Outlook

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Yesterday I mentioned the importance of 156 point trading frames for the NQ, as well as doubles and halves of that number. Looking at a 4M NQ chart from 7:30-14:15 mountain time, yesterday the NQ declined 312 points before it bounced a bit, an exact double of 156 (or its own 312 point octave). Then, from the last hour selloff to first low this morning before an attempted bounce, the NQ declined 317 points, just 5 points more than an exact double of 156.

After the first bounce attempt failed, the market declined 278 points, which is just 5 points more than what might be expected from the sum of 273 points comprised of 3 (156 + 78 + 39) halved frames. 273 points is also 7/8, or 87.5% of a 312 point octave. Reversals tend to be sharpest at 1/8 and 7/8 lines. 

Finally, as of yesterday's high to this morning's low thus far, the market has declined 626 points. 625 points is its own octave, or 2-312 point octaves, 4-156 point octaves, 8-78 point octaves, and so forth. The precision is just been remarkable in these drops this week. 

I'm not sure if we are done going down yet--maybe, maybe not. Looks like a retest is coming now and if it gives way then I will look even more stupid than usual and the whole 625 point thing is for naught. If we get another thumping this afternoon or tomorrow, if I was trading I would be looking for a total decline from Monday's high of perhaps 781 (625 + 156) or 937 (312 + 625) total points, but that latter number seems like a lot for 3 days. At those points one of those patented vicious snapbacks gets more likely for my cowardly trading style.

Going to start my holiday weak end early, then traveling to PullMyFinger Capital's Latin American winter offices. See y'all sometime next week. Keep 'em down!

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Ahh, the barbarous relic.  Picked up some miners today at black Friday prices. Lower they go the more I'll buy. How long can they keep precious metals down? Seems everything but has inflated. Gold and silver have to be the "to the moon" trade soon. Maybe GenX wants bitcoin but I'll take the hard assets. Seems a no-brainer to me now. Please sell all you can, I'll be buying.

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