here is a show of feb gold today and volume has been huge with
four consecutive hours having following volume, 34k, 32k, 25k, 25k
and now still open for next hour...
gold topped oct 5 and after 3 months (jan 5) 84% of all
corrections have been complete in the history of gold and the
DSI(daily sentiment indicator) was 9 yesterday for gold, so it
should be lower today...
basically, i think we need to look for a good entry point for a
possible significant rally...
8899 - we can stalk this for an entry but I prefer to see signs
of a reversal (trigger) versus simply catching a falling knife.
There is some timing around 12/24 that is also interesting.
Note that if you measure the Feb. 28 high to the May 16 low,
that move lasted 55 trading days. We are currently 51 trading days
down from the Oct. 5 high so far. There is some similarity here.
The time projection of 55 days actually comes in on Dec. 24. Also,
notice that the Oct. 5 high to the Nov. 5 low lasted 21 trading
days. As of Dec. 18, we were 17 trading days down from the Nov. 23
high. The 100% time projection of those 21 days also comes in on
Dec. 24....
Portfolio Managers will have sold all poor acting longs like GLD
and SLV by late Dec. which fits nicely with 12/25 symmetry. There
should be a vacuum of resistance for the first bounce until year
end IMO.
i'm not saying to catch a falling knife, i'm saying that we
should be vigilant for some sort of a sign for a reversal...thanks
for that info about the symmetry also...
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Feb Gold contract
Posted by 8899 on 20th of Dec 2012 at 01:07 pm
matt/steve,
here is a show of feb gold today and volume has been huge with four consecutive hours having following volume, 34k, 32k, 25k, 25k and now still open for next hour...
gold topped oct 5 and after 3 months (jan 5) 84% of all corrections have been complete in the history of gold and the DSI(daily sentiment indicator) was 9 yesterday for gold, so it should be lower today...
basically, i think we need to look for a good entry point for a possible significant rally...
your opinions are more than welcome
8899 - we can stalk
Posted by steve on 20th of Dec 2012 at 01:12 pm
8899 - we can stalk this for an entry but I prefer to see signs of a reversal (trigger) versus simply catching a falling knife. There is some timing around 12/24 that is also interesting.
Note that if you measure the Feb. 28 high to the May 16 low, that move lasted 55 trading days. We are currently 51 trading days down from the Oct. 5 high so far. There is some similarity here. The time projection of 55 days actually comes in on Dec. 24. Also, notice that the Oct. 5 high to the Nov. 5 low lasted 21 trading days. As of Dec. 18, we were 17 trading days down from the Nov. 23 high. The 100% time projection of those 21 days also comes in on Dec. 24....
Portfolio Managers will have sold
Posted by rbreese on 20th of Dec 2012 at 01:24 pm
Portfolio Managers will have sold all poor acting longs like GLD and SLV by late Dec. which fits nicely with 12/25 symmetry. There should be a vacuum of resistance for the first bounce until year end IMO.
thanks steve
Posted by 8899 on 20th of Dec 2012 at 01:15 pm
i'm not saying to catch a falling knife, i'm saying that we should be vigilant for some sort of a sign for a reversal...thanks for that info about the symmetry also...