jimliner - well the market can do anything it wants to and can
go to your 1.618 but it doesn't have to like a physics law, I don't
like dealing in absolutes for the market saying it has to do this
or that, we have our opinions and analysis but we also have to
react to the market and what it does, however I will be posting an
update after the market on my thoughts. one thing I don't
like about the advance yesterday is that on the 15 min chart I
can't count 5 waves up which would indicate an impulsive move, it's
more of an ABC move. Now could it be a 1,2, 1,2 yes but for
now I favor the ABC. If GDX had only an ABC advance off
yesterday's lows, then today's high would represent an A wave, this
pullback is wave B, and we'd probably get one more move up in a
wave C to the 20 day MA, but then I favor GDX making new lows
again.
I'll post a short video and some charts after the close
Matt and I have chatted regarding GDX and he posted some of
those thoughts just now.
The wave structure off yesterday's lows favors a corrective
advance (abc) thus far that could be more complex with another move
up (abc x abc) maybe to test the middle band (20 day MA). Matt will
show an example in 2005 that was similar.
This was then followed by new lows and thus this would coincide
with jimliner's 1.618 target on GDX producing a new low. Simply
put, a failure to take back the 20 day MA (middle band) would point
to another immediate test lower. In addition, the lackluster move
in Gold Bullion today also keeps me grounded.
Jimliner... Can you post a chart? HUI is exactly at the 61.8%
retracement (2008 - 2012) as Matt posted earlier in the day. Since
2001 the RSI has been below 30 % the third time now...
the other two times were major bottoms. I think there are good
chances at least for bounce
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GDX is headed lower - LOOK AT MONTHLY retracements THATS where it is going
Posted by jimliner on 7th of Mar 2013 at 03:12 pm
Massive Rally form 2001 - Retracement of 1:1.618 is magic # on GDX the 2008 lows.
jimliner - well the market
Posted by matt on 7th of Mar 2013 at 03:38 pm
jimliner - well the market can do anything it wants to and can go to your 1.618 but it doesn't have to like a physics law, I don't like dealing in absolutes for the market saying it has to do this or that, we have our opinions and analysis but we also have to react to the market and what it does, however I will be posting an update after the market on my thoughts. one thing I don't like about the advance yesterday is that on the 15 min chart I can't count 5 waves up which would indicate an impulsive move, it's more of an ABC move. Now could it be a 1,2, 1,2 yes but for now I favor the ABC. If GDX had only an ABC advance off yesterday's lows, then today's high would represent an A wave, this pullback is wave B, and we'd probably get one more move up in a wave C to the 20 day MA, but then I favor GDX making new lows again.
I'll post a short video and some charts after the close
Matt and I have chatted
Posted by steve on 7th of Mar 2013 at 04:00 pm
Matt and I have chatted regarding GDX and he posted some of those thoughts just now.
The wave structure off yesterday's lows favors a corrective advance (abc) thus far that could be more complex with another move up (abc x abc) maybe to test the middle band (20 day MA). Matt will show an example in 2005 that was similar.
This was then followed by new lows and thus this would coincide with jimliner's 1.618 target on GDX producing a new low. Simply put, a failure to take back the 20 day MA (middle band) would point to another immediate test lower. In addition, the lackluster move in Gold Bullion today also keeps me grounded.
Jimliner... Can you post a
Posted by zwyss on 7th of Mar 2013 at 03:37 pm
Jimliner... Can you post a chart? HUI is exactly at the 61.8% retracement (2008 - 2012) as Matt posted earlier in the day. Since 2001 the RSI has been below 30 % the third time now... the other two times were major bottoms. I think there are good chances at least for bounce