palix Posted December 29, 2004 Report Share Posted December 29, 2004 Retest now. You buying? <{POST_SNAPBACK}> I'll wait for the Slow Stoch to turn positive on the 15 min chart and then see how things look then. The way gold is getting slapped is also making me cautious. Link to comment Share on other sites More sharing options...
palix Posted December 29, 2004 Report Share Posted December 29, 2004 Retest now. You buying? <{POST_SNAPBACK}> I'll wait for the Slow Stoch to turn positive on the 15 min chart and then see how things look then. The way gold is getting slapped is also making me cautious. <{POST_SNAPBACK}> Well I took a tiny position at 6.85 with a stop at 6.75. Link to comment Share on other sites More sharing options...
Charmin Posted December 29, 2004 Author Report Share Posted December 29, 2004 so far we have a retest on GLD of the low on Dec. 9 of 43.20 and today so far I have 43.35 if ABC down then a contracted objective is 42.83 a Objective further down would be 41.76 Link to comment Share on other sites More sharing options...
bearvest Posted December 30, 2004 Report Share Posted December 30, 2004 XAU: Well, that hardly looked like a third of a third. Gap down and a correction for the rest of the day. Here's an alternate count that says we're still in wave 2. I've commented on the failure of the index to correct up into the fib retracement zone. And the index has no will to go down. This count will take effect if we overlap Monday's high of 100.50. Link to comment Share on other sites More sharing options...
traderfromhell Posted December 30, 2004 Report Share Posted December 30, 2004 Just curious Bearvest if you read John MacKenzie's article on the upcoming upside explosion in the metals and mining shares? If you have what chance to you give his scenario? Link to comment Share on other sites More sharing options...
bearvest Posted December 30, 2004 Report Share Posted December 30, 2004 Just curious Bearvest if you read John MacKenzie's article on the upcoming upside explosion in the metals and mining shares? If you have what chance to you give his scenario? <{POST_SNAPBACK}> Trader: I read it. The long term trend is down. Here's the weekly for XAU. Trend: MACD says down, with bearish divergence. Pattern: Double top and minor bear flag. Count: In wave C down. I don't see his sky-high price projections in the time frame he projects. Link to comment Share on other sites More sharing options...
bearvest Posted December 30, 2004 Report Share Posted December 30, 2004 NEM: Bounce time? Link to comment Share on other sites More sharing options...
traderfromhell Posted December 30, 2004 Report Share Posted December 30, 2004 Lightly long Crude via call option from Tuesday. Looks like we may have seen a successful retest of the recent bottoms. I don't like news related moves like the tail end of today's push up. Anyone seeing Crude in the mid to high '30's anytime soon? Link to comment Share on other sites More sharing options...
jr12 Posted December 30, 2004 Report Share Posted December 30, 2004 HUI chart, would have to hold above 205 to remain short term bullish. 3 more trading days for a possible price/time square out. Link to comment Share on other sites More sharing options...
traderfromhell Posted December 30, 2004 Report Share Posted December 30, 2004 jr who is that guy? Is your Gann work positive or negative here? My thinking is as long as support in Gold at 430 or so holds you gotta be long but I can see some lower targets which would not negate the intermediate bull case. Thanks. Link to comment Share on other sites More sharing options...
jr12 Posted December 30, 2004 Report Share Posted December 30, 2004 jr who is that guy? Is your Gann work positive or negative here? My thinking is as long as support in Gold at 430 or so holds you gotta be long but I can see some lower targets which would not negate the intermediate bull case. Thanks. <{POST_SNAPBACK}> Trader, the guy in the avatar? Tony Hancock, old British comedian. I agree with you on the 430 on gold. The chart below shows about 7 months of higher highs & higher lows, so the trend is firmly up imho. What's the saying? The trend is your friend until the end.. or something like that. Link to comment Share on other sites More sharing options...
bearvest Posted December 30, 2004 Report Share Posted December 30, 2004 John Mackenzie article referred to in Trader's post:My Webpage Link to comment Share on other sites More sharing options...
jr12 Posted December 30, 2004 Report Share Posted December 30, 2004 John Mackenzie article referred to in Trader's post:My Webpage <{POST_SNAPBACK}> Thanks for the link bearvest. I like his style, a quote from the article: "My word, the outright bearishness in Gold/Gold Shares has reached a new Zenith in the Absurd. The Gold Boat inhabitants tip all too easily from one side to another. This is classic Bi-Polar behavior. Shame on all of you! " The HUI/Gold ratio mentioned in the article, here is a weekly chart of the ratio, support at trendline at the moment. Probably inappropriate to apply elliott wave counts to ratio's but it looks to me it it breaks the trendline it would target the 0.44 or 0.38 area Link to comment Share on other sites More sharing options...
jr12 Posted December 30, 2004 Report Share Posted December 30, 2004 GG chart with pitchfork & measured moves Link to comment Share on other sites More sharing options...
traderfromhell Posted December 30, 2004 Report Share Posted December 30, 2004 FWIW according to Mac we should be going up already. We're not and as one who is a long term bull on the Metals I am most definitely disappointed. The charts of most of the mining shares do not look to me as if they are really in bull markets anymore. some do while the majority of the ones I follow look terrible. I expected a pullback from the 450 area but this lower top in Silver has me very worried. We'll see. Gann big turn date coming up possibly on January 20th which is the 25 year anniversary of the all-time highs. Link to comment Share on other sites More sharing options...
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