Whadda I Do Whadda I Do Posted July 2, 2008 Report Share Posted July 2, 2008 Yeah, I've been out of PMPIX long enough (-24 hours) gonna get back in. Link to comment Share on other sites More sharing options...
dharma Posted July 2, 2008 Report Share Posted July 2, 2008 over sold on the hourlies! in wave 4of 3 we should be really close to the end of this correction. dharma http://goldmoney.com/en/commentary.php#current turks take on the dollar Link to comment Share on other sites More sharing options...
Charmin Posted July 2, 2008 Author Report Share Posted July 2, 2008 Techtalk's buy chart for seasonal gold stocks. http://dvtechtalk.com/July/July2.htm Link to comment Share on other sites More sharing options...
Dharmaeye Posted July 3, 2008 Report Share Posted July 3, 2008 It is too early to produce a template for the small waves within Large Wave III. At this stage all we can say is that there should be two 8% corrections within Large Wave III on its way to the predicted level of $1,572. The first of these 8% corrections is unlikely to occur before the current small wave exceeds the prior high of $1,033. http://www.kitco.com/ind/Field/jul022008.html Link to comment Share on other sites More sharing options...
Metamucil Posted July 3, 2008 Report Share Posted July 3, 2008 GG is pulling back from overbought conditions; it is 'buy the dips', imo. BPHUI just went over 30, while others, including BPMATE are down (25). Silver (SLV) is moving as expected. Worry! Link to comment Share on other sites More sharing options...
bearvest Posted July 3, 2008 Report Share Posted July 3, 2008 GG is pulling back from overbought conditions; it is 'buy the dips', imo. BPHUI just went over 30, while others, including BPMATE are down (25). Meta: How do you construct your BPHUI? I simply keep tabs on the weekend of which components are on P&F buys or sells. Thor had once posted a BPHUI that differed from my count. He said that he simply added and subtracted the components above or below their 50 day moving average. By my method, 7 of 15 are on buys for a reading of 47%. The move above 30% likely came on June 26th. I started my holidays before then, so I have some catching up to do Link to comment Share on other sites More sharing options...
bearvest Posted July 3, 2008 Report Share Posted July 3, 2008 BV: You've been pretty good on your short term calls while GM has the long term correct. Does this mean you can both be correct? 670726[/snapback] Could be. I have a great deal of respect for the patience that investors like GM, dharma, and Meta have. I simply lack the tolerance to hold through declines---though I've done well at picking bottoms---and always sell too soon. Note the myriad of 3 wave moves highlighted in alternating reds and blues. It's been a consolidating traders' market since October. I was temporarily buffalowed in December. Since then I caught on. I think, like dharma and Ander, that new lows will not be seen, but that a "better buying" opportunity awaits. My 190 XAU target was hit. If it's a triangle, we should not see a breach for the next few weeks. The index should churn to correct the overbought technicals, during that time XAU should go on to test its highs. However, I suspect that a potential WXY pattern is unfolding that will result in a failed head and shoulders pattern and a blast-off. If so, the target for re-entry is around 170. and then we take off. Link to comment Share on other sites More sharing options...
Whadda I Do Whadda I Do Posted July 3, 2008 Report Share Posted July 3, 2008 Investors are going to be running out of places to make money if the world pauses to acclimate to oil prices. Leaves only the gold and silver sector to park in. Jobs report tomorrow will probably miss all the recent announcements of layoff. Most of the world is worried about inflation and stagflation only a few speak of deflation. The US$ chart would have to bottom and begin a climb up to gain any value that deflation causes. The dollar is on the edge again retesting 72. Light trading before a 3 day weekend could be interesting. Everything points down so it should go up. Link to comment Share on other sites More sharing options...
Charmin Posted July 4, 2008 Author Report Share Posted July 4, 2008 August gold hit exactly 950 resistance as Jim Sinclair was looking for and Dan Norcini is looking for support to come in at 920. http://www.jsmineset.com/cwsimages/Miscfil...ld1230pmCDT.pdf Link to comment Share on other sites More sharing options...
bearvest Posted July 4, 2008 Report Share Posted July 4, 2008 Silver: Certainly an unloved sector, as far as the equities go. All the majors are underperforming the metal. And certainly a market of stocks. The wrong stock can devistated your account. CDE has lost 50% in 4 months. http://stockcharts.com/charts/performance/...SLW,hl,ssri,cde After the chart come ups click the histogram chart---the second oicroral link below October 2007 for a bar chart. Link to comment Share on other sites More sharing options...
bearvest Posted July 4, 2008 Report Share Posted July 4, 2008 Stochastic sell signals: They're spouting up like dandelions on the miners' charts. Link to comment Share on other sites More sharing options...
bearvest Posted July 4, 2008 Report Share Posted July 4, 2008 The count: Yesterday's onerlap probably destroyed any thought of an impulse up due to that very overlap. A 4th wave cannot overlap 1 except in a rare opening diagonal. it would be rare to see a 3rd wave begin with such a pattern. I think we now have to contend with a new "c" wave within the context of the WXY pattern i've been discussing. Link to comment Share on other sites More sharing options...
faramir Posted July 4, 2008 Report Share Posted July 4, 2008 The count: Yesterday's onerlap probably destroyed any thought of an impulse up due to that very overlap. A 4th wave cannot overlap 1 except in a rare opening diagonal. it would be rare to see a 3rd wave begin with such a pattern. I think we now have to contend with a new "c" wave within the context of the WXY pattern i've been discussing. 671193[/snapback] Your post (and some doubts of my own) have given me pause to think. What is your take on G.TO? Looks a bit overbought still and wonder if I should wait for it to bounce off $42? Then again today in Canada (while the US markets are closed) could be providing me my only opportunity to enter my trading position in G.TO. I always start with G.TO on my re-loading on the theory that it moves first, then ABX.TO, then some of the stronger juniors (GAM.TO). Link to comment Share on other sites More sharing options...
bearvest Posted July 4, 2008 Report Share Posted July 4, 2008 F.M. G.TO seems to be out-of step with the rest of the miners. To me, it has a very bullish short term pattern. It seems to have a small 5th wave to go in wave 3 of an impulse up. It could then undergo a very substantial correction in wave 4. Stochastics is early into a "sell" sugnal. It could quickly reverse. It's too early for me to place a target entry price. It's clear, however, that just below 44.00 is former resistance--now support. Right now there are 3 waves on the chart, and the 1st and 3rd waves are roughly equal. It's hard to count a move to all-time highs as a 3 wave corrective move--but that does exist as a potential alternate count if 43.66 is overlapped. I think that patience is prudence, right now. I'm going to wait and watch. I bought at 38.00 (too soon) and sold (too early) at 43.96. Both were standing orders placed days and weeks in advance---so what do I know? Link to comment Share on other sites More sharing options...
bearvest Posted July 4, 2008 Report Share Posted July 4, 2008 Fading Bearvest: I trade my wife's account. My tax accountant pointed out to me that she always does better in the market than I. Her trades usually follow mine by about a week or so--when the pattern or the technicals are so apparent that they leap out at you. As a divorce lawyer, I never want to explain a loss to my wife. So I've resolved to fade myself---and see if my individual performance improves. Link to comment Share on other sites More sharing options...
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