perth, I could count two waves completed recently, 4 altogether,
and today is wave 5 down. Watch $USD, 77.18 or above would mean
that wave 3 up has started. Probably 49.85 is as high gdx could
possibly go up.
My guessing was for the very short term within what you are
refering to as the beginning of wave 3. And that is based on what
looks like a completed first wave off the top at 51.16. [but as I
said earlier, it wouldn't surprise me to see another little wave
down first]
That wave 3 could also be the start of a wave C off the 55.40
high with A finishing at 44.80 and B finishing at 51.16...the big
items to watch will be the dollar, gold and the major markets.
Some potential longer term wave C targets to the down side are,
.618 of A at 44.61, 1X A at 40.56, and the ever popular 1.618xA at
34.01.
If, as many cycles people are saying, the top is soon upon us in
the MM, well then any washout there is sure to take the PM shares
with it, at least initially.
Note the BPGDM looks like it may be moving back down here for a
bit....and yet there was huge volume to the upside at the last 5
min bar today in GDX.
perth, you are most likely right. What troubles me that we still
have not reached the targets for the $USD ( MA(50) and have not
retraced much of the $gold's decline). Therefore, I'd venture to
say that we are still in wave B and have not seen its highs yet.
Perhaps, next week like you projected earlier.
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perth, I could count two
GDX ratio
Posted by junkie on 12th of Jan 2010 at 05:27 pm
perth, I could count two waves completed recently, 4 altogether, and today is wave 5 down. Watch $USD, 77.18 or above would mean that wave 3 up has started. Probably 49.85 is as high gdx could possibly go up.
GDX ratio, correction
Posted by junkie on 12th of Jan 2010 at 05:44 pm
correction, 2 completed waves on the 60-minute charts, and this is the beginning of wave 3 down. Then any bounces of GDX should be shortable.
Junkie, yours could be....
Posted by perthx on 12th of Jan 2010 at 07:05 pm
the proper count, no doubt.
My guessing was for the very short term within what you are refering to as the beginning of wave 3. And that is based on what looks like a completed first wave off the top at 51.16. [but as I said earlier, it wouldn't surprise me to see another little wave down first]
That wave 3 could also be the start of a wave C off the 55.40 high with A finishing at 44.80 and B finishing at 51.16...the big items to watch will be the dollar, gold and the major markets.
Some potential longer term wave C targets to the down side are, .618 of A at 44.61, 1X A at 40.56, and the ever popular 1.618xA at 34.01.
If, as many cycles people are saying, the top is soon upon us in the MM, well then any washout there is sure to take the PM shares with it, at least initially.
Note the BPGDM looks like it may be moving back down here for a bit....and yet there was huge volume to the upside at the last 5 min bar today in GDX.
perth, you are most likely
Posted by junkie on 12th of Jan 2010 at 08:09 pm
perth, you are most likely right. What troubles me that we still have not reached the targets for the $USD ( MA(50) and have not retraced much of the $gold's decline). Therefore, I'd venture to say that we are still in wave B and have not seen its highs yet. Perhaps, next week like you projected earlier.