Gold will break the flag and hold! Going lower...
Diupdate
Please see my previous threads on gold and miners that have my indepth thoughts where I share expert findings and my own charting with various indicators I like to use.
Suffice to say, gold and miners are going to go lower as long as the dollar doesn't fall through the channel support.
Suffice to say, gold and miners are going to go lower as long as the dollar doesn't fall through the channel support.
Catatan
2,300 is a psychological level, once broken, will bring swift fury...Catatan
I guess this'll be dragged out till the weekend hits, so this'll probably end up like this before dropping like a stone on Monday: Catatan
Indecision here at the right shoulder. Invalidation or will it drop mull along the bottom of the flag and drop next week?
TUNE IN!
Catatan
A well respected chartist using Gann (effectively) sees more lows coming...x.com/panpalobar/status/1801368218725994535
Catatan
How do I know gold's about to plummet? Miners are leading the way like they always do...Always last to the party, first to go home...
Catatan
The dollar is ripping, this is coiling, the longer it waits the stronger the downward thrust. Buying low IV otm puts on
GDXJ here is warranted...Catatan
H&S shows up better on the 4HCatatan
Death cross on the 4H double retest...Catatan
Rising wedge alert!
Catatan
Catatan
Something is building to a big move!
Catatan
Decision time...Catatan
Miners lead, I can see this opening lower tomorrow like today...Catatan
If gold doesn't continually grind sideways this week, ultimately we'll have a pierce of the flag support line, retracement, a meandering - then a drop before a bounce. The drop could be way bigger than charted since we're dealing with a ton of bullish sentiment within the sector overall with that previous run up...Catatan
Big move coming, there's a tug of war going on within this triangle. I don't see gold NOT breaking through the flag's downside, coming down here so many times. Catatan
Looks like it's gonna shoot up, acting like it's not gonna go down eventually breaking down through the flag...Catatan
Nice morning fake-outCatatan
I guess we know where this is going...Catatan
So we have a massive descending triangle happening, but could price go the scenic route (green) before it dumps? Probably. Hopefully this won't become a chop-salad and will just exit the flag forcefully before bouncing off support below and jumping to 3k.
Catatan
Weird how reality runs on fractals, that history rhymes. Here's the silver miners playing out - which I think is correlated to market flushes.
Here's the movements:
After the top it took 6 weeks to reach a bottom - we're in week 4 (almost 20% loss).
One week up retracement (8% gain) - which'll coincide with the FOMC minutes (I bet they are hawkish to warrant FED doing an about face and cutting in July).
One week huge down candle (30% loss).
One (half) week up retracement (20% gain).
One week (and the previous half) another huge down candle (40% loss).
Last week goes up beginning the week and then down further (40% loss) and bottoms midweek before catapulting - which coincides with the July FOMC rate decision (30% gain).
I'm hoping IV is cheap enough to buy some puts and calls - not sure how much volatility will raise the price towards the bottom so it might be wise to buy some longer dated calls in and then scale in as time goes on and variances work themselves out.
I'm looking to buy in 2 weeks.
I anticipate the market to capsize after the FOMC minutes are released. Buy puts before that (Wednesday July 3rd before a holiday and the fireworks happen - in the market...), then if IV is low, buy calls on EVERYTHING CAUSE IT'S GONNA MOON!!
Newmont doubled within 2 months after rates were cut so I'm gonna buy calls on that miner which is the safest in the world. I anticipate price to be about $20 when this happens. There's a chance Newmont could go up 400% within 1 year.
If IV hasn't gone up too much, I'll rotate into the junior miner Endeavor Silver
EXK which also went up 400% in 6 months and 800% in 1 year back in 2020. I will be loading calls on this one as well, hopefully getting in at $1.Catatan
Friday to retrace before hitting the other edge of the flag in a 2 week melt-up before markets collapse.
Catatan
100% ALL IN - CRAMER JUST SAID GOLD WAS GOING DOWN!!x.com/jimcramer/status/1805408760980013342
Catatan
So far on track!Catatan
Could see some over extension on this last triple top, hitting ATH of $2,500...Catatan
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