Freddy- over the weekend you asked me if the bounce in GDX could
be a 4th wave, I gave a long reply, but here's how that would be
labeled
Realize that a 4th wave could morph out in a variety of ways;
i.e. this move up could still just be wave A of 4 with the pullback
being wave B of 4, then eventually GDX get's one more bounce as a
wave C. Or wave 4 could form a more complex triangle pattern
(as shown in black) chopping around sideways forming an ABCDE
pattern and then breaking down. Or wave 4 could have been put
in already as a small ABC and be ready to make new lows again -
shown in red. The attached chart shows three waves which wave
4 could play out.
so far with the volume patterns there is still hope for either
the ABC with this pullback being a wave B, or the triangle pattern
vs the sell off to new lows right from here. But again we'll
just see. Otherwise if one of these 4th wave scenario does
end up playing out with a new low eventually established, then I
think PM stocks start to become more attractive for a longer swing
trade bounce.
well all of those scenarios I show ultimately form a new low
after they are complete, it just depends on time. One of them
would see new lows fairly soon, while the other two would take time
to play out before doing so, and one would take out the recent
highs in a wave C but would again still ultimately make a low after
it's completed.
we'll see....
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Freddy - over the weekend you
What happend to Silver?
Posted by matt on 30th of May 2012 at 10:04 am
Freddy - over the weekend you asked me if the bounce in GDX could be a 4th wave, I gave a long reply, but here's how that would be labeled
Realize that a 4th wave could morph out in a variety of ways; i.e. this move up could still just be wave A of 4 with the pullback being wave B of 4, then eventually GDX get's one more bounce as a wave C. Or wave 4 could form a more complex triangle pattern (as shown in black) chopping around sideways forming an ABCDE pattern and then breaking down. Or wave 4 could have been put in already as a small ABC and be ready to make new lows again - shown in red. The attached chart shows three waves which wave 4 could play out.
so far with the volume patterns there is still hope for either the ABC with this pullback being a wave B, or the triangle pattern vs the sell off to new lows right from here. But again we'll just see. Otherwise if one of these 4th wave scenario does end up playing out with a new low eventually established, then I think PM stocks start to become more attractive for a longer swing trade bounce.
again we'll see...
I think we see another
Posted by freddy123321 on 30th of May 2012 at 10:35 am
I think we see another low. But... I change on a dime.
well all of those scenarios
Posted by matt on 30th of May 2012 at 10:39 am
well all of those scenarios I show ultimately form a new low after they are complete, it just depends on time. One of them would see new lows fairly soon, while the other two would take time to play out before doing so, and one would take out the recent highs in a wave C but would again still ultimately make a low after it's completed.
we'll see....