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  • Gold for Bears: Daily Update for 22 Jun 7 comments
    Jun 22, 2010 4:56 PM | about stocks: GLD, SLV

    Quick introduction: Charting the end of secular bull market, long term charts here
    Last daily update: here

    Daily status:
    - Rising wedge (bearish)
    - Possible downtrend channel forming
    - Bearish outside reversal made on monday, possible trend change. Confirmation needed. Today's up candle doesn't count (inside day)
    - Wednesday & Fed Meeting coming together. Wednesdays usually are good days for continuing trends on gold, they can also be volatile. If uptrend line (blue) is going to be broken tomorrow is a good day for that.

    Disclosure: Short Gold and Silver

    Stocks: GLD, SLV
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Comments (7)
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    , contributor
    Comments (664) | Send Message
    Author’s reply » i am extending this projection for the break into 2 days now. markets hit support on NY opening so it is unclear if we will break the trend line today. probably not.
    23 Jun 2010, 10:22 AM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » we closed few bucks below monday's close. new low. but it is a hammer and it is above the support. Tomorrow it is going to be decided if we go up or down.
    23 Jun 2010, 05:29 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » closed higher today, broke the channel alignment.
    yet it is still not confirmed uptrend until we close higher tomorrow.
    if we close higher tomorrow, this setup will be canceled.
    if not, the setup is ok, but the channel has to be realigned.
    24 Jun 2010, 06:29 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » looks like the market is going to close higher today. on the weekly we are doing a hammer (a long term top pattern) , next week i am going to look for confirmation of this with a weekly close down. The month is closing on wednesday and on monthly charts we still can do a break out above 1250. Tuesday is going to be a decisive day. If we have selloff on tuesday and wednessday, the month could close as a doji with further downside next month
    25 Jun 2010, 01:27 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » tomorrow (thursday) we have good chances for a downday. the daily trend however slighthly turned bullish
    30 Jun 2010, 08:43 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » ok, the wedge finally broke down, and now we have a downtrend that should last about 7 trading days.
    1 Jul 2010, 10:44 AM Reply Like
  • justin_3d
    , contributor
    Comments (313) | Send Message
    Good projection!
    7 Jul 2010, 06:18 PM Reply Like
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