Steve do you think this is forming a double bottom or a wave 4 consolodation on the 5 min?

Thanks!

Hi Steve -

Yes - as I posted earlier - I got hit with the major down-up-down whipsaw and got stopped out just post fed. I was hoping to find a way to "safely" get back in. Looks like a down AM...so that hope is prolly fading rapidly.

Thanks! That was what I was looking at - DUST etc are now outside the BBs on their intraday charts - I am hoping that they either flag out or correct to an oversold level here so that I can jump in with a tight stop. If you look at the daily chart you can see that we flagged out this past week at the exact place we flagged out on the way up - I suspect this symmetry to be repeated and we hit the summer lows before we get a bounce and see "what is what". That is about 6-7% lower from here.

Im not sure about the Pos divergence thing. IIRC, for most of the dump last year in the gold stocks, I think there was a permanent pos divergence nearly the whole time on both the daily and weekly charts and it just kept going down. I do think 1180 is "inevitable", and Id certainly like to ride it down that far (in DUST, that may be 20-30%!). Is anyone else watching playing this currently? Would love to hear other's thoughts or plans to get in.

Im in the same catagory here - had dust - got stopped out on the bizarre whip then missed the dump....direction right, but poor entry cost me a stop out. Steve - Id like to re-enter DUST, any idea for a safe entry on that? Any chance we can twist your arm to post some intradays with setup ideas for going short gold?

Steve,

   This was a really good post - please post more like it! For those of us on the learning curve, these mini-examples are a great help.