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Charmin

Weekly Digger - June 6-10, '05

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XAU:

 

Here's the hourly and my best guess at the count.

 

I really can't see any divergences here in trend or momentum.

 

Except for Stochastics, the other trend, momentum, and Dover Sole indicators are hovering just above sell signals on the daily chart.

 

Because Stockcharts.com doesn't provide volume, I keep track of o.b.v. for all 15 HUI components. There was positive divergence today. Carver's volume oscillator is in a bullish trend.

 

If this is a B-wave pullback, a 50% retracement is as good as any.

post-1352-1118283298_thumb.png

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PAAS:

 

If we rally out of this flag---and time is running out--target is $16.25.

post-1352-1118284318_thumb.png

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XAU:

 

Here's the hourly and my best guess at the count.

 

I really can't see any divergences here in trend or momentum.

 

Except for Stochastics, the other trend, momentum, and Dover Sole indicators are hovering just above sell signals on the daily chart.

 

Because Stockcharts.com doesn't provide volume, I keep track of o.b.v. for all 15 HUI components. There was positive divergence today. Carver's volume oscillator is in a bullish trend.

 

If this is a B-wave pullback, a 50% retracement is as good as any.

bearvest,

 

I would like to learn more about Elliot Waves. Could you recommend a good book (or a few books)? Since I am an engineer, I should not have too many problems even if the book (or books) is/are fairly technical.

I also want to take this opportunity to thank you again for all the excellent analysis you present on this board.

Many thanks!

 

OldMan

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Not that its going to make any difference in trading, but some watch currencies.. like the Euro and so I took a peak at the swiss franc. I drew a reverse trend line across the tops of the last three peaks where supply came in and made it parallel. I also have another trendline inside the parallel channel at the demand side. It looks to be in an area of horizontal support so this is an area to watch - if it lends any support to the notion that the swiss and gold are correlated. In that case I think gold is doing better at the moment.

post-326-1118286556_thumb.jpg

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:blink:

 

 

The Debt To the Penny

Current Amount

 

06/07/2005 $7,795,629,856,549.21

 

 

09/30/1987 $2,350,276,890,953.00

 

 

 

..... link

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Hey Gold Bulls. I'm still looking to be a buyer 175-180 HUI. If you don't mind the political risk HMY and DROOY could be big winners going forward. Rand in Gold is cooking to the upside. My favorite cheap specs. for a move higher are CDE and GSS. Check this one out.

post-1718-1118311073_thumb.jpg

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Not that its going to make any difference in trading, but some watch currencies.. like the Euro and so I took a peak at the swiss franc.  I drew a reverse trend line across the tops of the last three peaks where supply came in and made it parallel.  I also have another trendline inside the parallel channel at the demand side.  It looks to be in an area of horizontal support so this is an area to watch - if it lends any support to the notion that the swiss and gold are correlated.  In that case I think gold is doing better at the moment.

 

Tommorrow the trade deficit comes out. It can't be good. I suspect it will mark a reversal of fortune in the buck for awhile.

I wonder if the miners will give us a hint later in the day - looking for a down open, maybe to TFH's target area, then we see.

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Guest

so far hit the 50% retracement! 84.2 on the xau and hourly divergences still in place. macd all showing divergences. think we are very close to the lows. waiting for the market to turn.

bv, why an A and not a 1. tia dharma

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ok... Silver july retested weekly creek area at 7.25...

 

SSRI still holding 11.50 area well

WTZ broke before the fact.... must be a front runner for silver....hmmm

now responding a tad

 

silver trading range weekly is 6.86 to 7.63 and we did a half way pullback inside it...

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so far hit the 50% retracement! 84.2 on the xau and hourly divergences still in place. macd all showing divergences. think we are very close to the lows. waiting for the market to turn.

bv, why an A and not a 1. tia      dharma

 

Yep, reversal higher seems forthcoming. I went on margin (something I never do) for a trade with tight stops.

 

At the risk of completely jinxing the sector and any chance of a move up, here it is.

 

2K - SSRI @ 11.60

4K - CDE @ 3.15

3K HL @ 4.41

 

Let's see what the day brings. :o

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Guest

got an hourly buy signal on the xau, will finish my shopping manana morning. dharma

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At this juncture it is safe to be long with a stop two day close under 175 HUI. Nice action in CDE. 3.17 is the 50% retrace of 2.70-3.63. Never closed it under there. 7.20 is the 50 of 6.70-7.65 in Silver and the breakout in my book. But what do I know? Today was also 7 days from the June 2nd High. Lots of time turns around here. Buy the pullback.

post-1718-1118361433_thumb.jpg

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bearvest,

 

I would like to learn more about Elliot Waves. Could you recommend a good book (or a few books)? Since I am an engineer, I should not have too many problems even if the book (or books) is/are fairly technical.

I also want to take this opportunity to thank you again for all the excellent analysis you present on this board.

Many thanks!

 

OldMan

 

O.M.

 

Start right here:

http://www.elliott-wave-theory.com/elliott2.html

 

The best trader's book is Steven Poser's " Applying Elliott Wave Theory Profitably".

 

Prechter's " Elliott Wave Principle" is the bible. I just finished Prechter's " The Major Works of R. N. Elliott " and really enjoyed it.

 

As I say, learn the rules and pattern detection on the above website, and then buy the books. Leaping into Prechter's book without some advance knowledge will overwhelm. I bought the book in 1981 and it remained on my shelf unread for 20 years.

 

Hope this helps.

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Silver and PAAS;

 

Another day and nothing has changed except that silver backtested (and virtually every breakout will backtest). So far the backtest held.

 

PAAS bounced from just above its 50% fib level.

 

Still constructive.

post-1352-1118366952_thumb.png

post-1352-1118366967_thumb.png

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