The bear flag 5th wave playing out on the GDX 60 min
chart. Yesterday I said the weak bounce looked like a 4th
wave and thus I expected another move down. (Peridot's GET
charts also confirmed this) as well yesterday.
Posted by paulchan on 11th of Dec 2009 at 02:01 pm
Should we short or long on the GDX or wait at the sideline since
it is pullback to Wave 5? Is GLD in Wave 4 pullback and
should bounce to higher wave 5? I think it all depend on USD$, is
$USD confirm low since it cross 50ma for 3 days and now is
76.65.
wave 5 is the last part of a move and we are in that now, so the
risk reward is not good to short now, the time to short was
yesterday on the wave 4. Instead now I'd look for an area to
go long once wave 5 completes.
well, wave 5's can truncate sometimes, or when they make new
lows, sometimes they are similar in length to wave1, so subtract
that to wave 4. Also, the 61,8% Fib is below (see the chart)
that would be a good support area as well.
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GDX 60 min playing out
Posted by matt on 11th of Dec 2009 at 12:11 pm
The bear flag 5th wave playing out on the GDX 60 min chart. Yesterday I said the weak bounce looked like a 4th wave and thus I expected another move down. (Peridot's GET charts also confirmed this) as well yesterday.
Measured target for GDX wave 5
Posted by junkie on 11th of Dec 2009 at 12:19 pm
I am getting 46 as the measured target for the pullback for GDX in wave 5. Too much? that would put gold in the middle of 1000-1100 range, I reckon.
Should we short or long
Posted by paulchan on 11th of Dec 2009 at 02:01 pm
Should we short or long on the GDX or wait at the sideline since it is pullback to Wave 5? Is GLD in Wave 4 pullback and should bounce to higher wave 5? I think it all depend on USD$, is $USD confirm low since it cross 50ma for 3 days and now is 76.65.
wave 5 is the last
Posted by matt on 11th of Dec 2009 at 02:14 pm
wave 5 is the last part of a move and we are in that now, so the risk reward is not good to short now, the time to short was yesterday on the wave 4. Instead now I'd look for an area to go long once wave 5 completes.
thanks, any estimate on the target
Posted by paulchan on 11th of Dec 2009 at 02:27 pm
thanks, any estimate on the target of wave 5 or by measurement from the charts.
well, wave 5's can truncate
Posted by matt on 11th of Dec 2009 at 02:33 pm
well, wave 5's can truncate sometimes, or when they make new lows, sometimes they are similar in length to wave1, so subtract that to wave 4. Also, the 61,8% Fib is below (see the chart) that would be a good support area as well.