just looked at that 60 min GDX chart.... if the neck line
was at 47.42-47.44, and the head's top was 44.80 measures about
2.64 points added to 47.44 gives us today's top plus a cent at
50.08 or exactly 50.07 if you split the difference on the
neckline...
Am I trying to convince myself to re short this bugger?? The 5,
15 and 60 minutes 60 period STO doesn't give any indication of
turning down nor does the dollar look like it wants to
rally....maybe after the FOMC report?
Perth, I like your rumblings. Timing of the advance is not right
yet: give it at least one more day to rise further or consolidate.
GDX still looks frightened to move higher, so the sentiment is
still bearish.. not ripe yet to reverse. There are several of us
who'd love to short GDX, actually following its intermediate trend.
FWIW. I'll respond to your tonight, I was away from the market feed
for over a week.
Matt/Steve, are there any stats that suggest what happens after
a H&S target is reached. Does the market normally keep moving
in that direction or turn back?
Delta has short term high turning point date today for HUI, GDX
but that can still be a couple more days. But as I understand it
there are a couple conflicting rotations they use so who knows.
The next short term low is supposed to be 1/13. A friend pointed
out that gold stock indices lows seem to have been coming in the
Wednesday before options expiry, the 13th this month,
hmmmm.
GDX wave C still?
GDX
Posted by perthx on 6th of Jan 2010 at 12:11 pm
I just played with some numbers and note that today's GDX high at 50.07 is 4.48 pts off the wave B or 2 low at 45.59.
Wave A or 1 up off the 44.80 low was 2.77 pts at 47.57... now multiply 2.77 by 1.618 =4.48 so maybe this was indeed a wave C up.
C waves are usually .618, 1.0 or 1.618 times wave A....maybe this is just the wave "a' of C or just a nice coincidence as PMs and shares blast higher?
Hhmm what will that dollar do?
GDX H&S
Posted by perthx on 6th of Jan 2010 at 01:15 pm
just looked at that 60 min GDX chart.... if the neck line was at 47.42-47.44, and the head's top was 44.80 measures about 2.64 points added to 47.44 gives us today's top plus a cent at 50.08 or exactly 50.07 if you split the difference on the neckline...
Am I trying to convince myself to re short this bugger?? The 5, 15 and 60 minutes 60 period STO doesn't give any indication of turning down nor does the dollar look like it wants to rally....maybe after the FOMC report?
Draw a trendline on the
Posted by steve on 6th of Jan 2010 at 01:40 pm
Draw a trendline on the Ratio above to get a signal - not close yet.
http://stockcharts.com/h-sc/ui?s=GDX&p=60&yr=0&mn=1&dy=18&id=p50410382197&a=179439424&listNum=40
Perth, I like your rumblings.
Posted by junkie on 6th of Jan 2010 at 01:39 pm
Perth, I like your rumblings. Timing of the advance is not right yet: give it at least one more day to rise further or consolidate. GDX still looks frightened to move higher, so the sentiment is still bearish.. not ripe yet to reverse. There are several of us who'd love to short GDX, actually following its intermediate trend. FWIW. I'll respond to your tonight, I was away from the market feed for over a week.
GDX turn coming in?
Posted by perthx on 6th of Jan 2010 at 01:47 pm
Matt/Steve, are there any stats that suggest what happens after a H&S target is reached. Does the market normally keep moving in that direction or turn back?
Delta has short term high turning point date today for HUI, GDX but that can still be a couple more days. But as I understand it there are a couple conflicting rotations they use so who knows.
The next short term low is supposed to be 1/13. A friend pointed out that gold stock indices lows seem to have been coming in the Wednesday before options expiry, the 13th this month, hmmmm.
perthx - personally to me
Posted by matt on 6th of Jan 2010 at 02:02 pm
perthx - personally to me GDX looks like it is forming a bull flag on the 15 min chart, so I wouldn't be surprised to see a move higher from here.
GDX 15 min ratio might
Posted by perthx on 6th of Jan 2010 at 03:18 pm
GDX 15 min ratio might be about to cross down. Not a solid signal by itself by any means but something to keep an eye on especially into tomorrow.
It has crossed on the
Posted by junkie on 6th of Jan 2010 at 03:33 pm
It has crossed on the 15 minutes, but $USD=77.48 is still too high and the 60-minute chart is fr from giving a sell signal.
Great input perthx - thanks
Posted by steve on 6th of Jan 2010 at 12:14 pm
Great input perthx - thanks for sharing. The Dollar holds the key going forward.