For GDX, the chart is looking quite bullish. In fact, any
immediate and strong follow over the 25.10 region is pointing to a
minimum target of 26.90, but, more likely, the 28 region, before
the next consolidation takes hold.
Now, to be completely honest, I cannot say that our EWT Miners
Portfolio is 100% invested just yet. Since exiting most of
our positions back in September when GDX was in the 28.50 region,
we have been building our positions back up in November and
December of 2016. But, since our decisions are mostly based
upon the individual charts we prefer, there are still a few that do
“need” a bit more of a retracement before we enter our final
trades.
As you can see on my 144-minute silver chart, we have what can be a
completed (1)(2)(i)(ii) structure off the lows. Clearly, the
market can still support another c-wave down towards the
16.70-16.90 region for a more full wave (ii), but, right now, any
break out over 17.85 opens the door to a strong spike directly to
the 19 region. So, as long as we remain over the 16.70 level,
you should maintain a very strong bullish bias.
And, should we break out over 17.85, you may move the stops on your
longs up towards the 17 region, for a failure to follow through
over 18.20, with a break back down below 17.40 (once 18.20 is
struck) would open the door to breaking back below the December
2016 lows.
Funny, Larry McDonald sent out a Bear Traps Report to sell all
miners today. Not that anyone should care about either report apart
from testing their own approach if perhaps too bullish or bearish.
That said, building positions at these levels is a much different
thing than trimming and trailing, so edge to Larry.
Gold is still moving down in multiyear channel. Should cross
above 1256 to signal any incoming bigger change. I believe ratio
between silver and gold should be changing before gold jumps up.
Historically it should be 60:1 and current ratio is 69:1. So, we
need silver to outperform gold in shorter terms
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Same author, on Gold Eagle as Sentiment speaks on Seeking Alpha
Posted by steve101 on 7th of Feb 2017 at 07:42 pm
http://www.gold-eagle.com/article/are-you-still-waiting-pullback
For GDX, the chart is looking quite bullish. In fact, any immediate and strong follow over the 25.10 region is pointing to a minimum target of 26.90, but, more likely, the 28 region, before the next consolidation takes hold.
https://cdn77.elliottwavetrader.net/images/charts/201702/full-YsA7PgOkYOMXq6Tg7yQxd.jpg
Now, to be completely honest, I cannot say that our EWT Miners Portfolio is 100% invested just yet. Since exiting most of our positions back in September when GDX was in the 28.50 region, we have been building our positions back up in November and December of 2016. But, since our decisions are mostly based upon the individual charts we prefer, there are still a few that do “need” a bit more of a retracement before we enter our final trades.
As you can see on my 144-minute silver chart, we have what can be a completed (1)(2)(i)(ii) structure off the lows. Clearly, the market can still support another c-wave down towards the 16.70-16.90 region for a more full wave (ii), but, right now, any break out over 17.85 opens the door to a strong spike directly to the 19 region. So, as long as we remain over the 16.70 level, you should maintain a very strong bullish bias.
And, should we break out over 17.85, you may move the stops on your longs up towards the 17 region, for a failure to follow through over 18.20, with a break back down below 17.40 (once 18.20 is struck) would open the door to breaking back below the December 2016 lows.
https://cdn77.elliottwavetrader.net/images/charts/201702/full-DRTJ2cupI2T08RBvUpo1V.jpg
Funny, Larry McDonald sent out
Posted by a_l_ on 7th of Feb 2017 at 11:44 pm
Funny, Larry McDonald sent out a Bear Traps Report to sell all miners today. Not that anyone should care about either report apart from testing their own approach if perhaps too bullish or bearish. That said, building positions at these levels is a much different thing than trimming and trailing, so edge to Larry.
Gold is still moving down
Posted by mulisko on 8th of Feb 2017 at 09:06 am
Gold is still moving down in multiyear channel. Should cross above 1256 to signal any incoming bigger change. I believe ratio between silver and gold should be changing before gold jumps up. Historically it should be 60:1 and current ratio is 69:1. So, we need silver to outperform gold in shorter terms