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  • Gold for Bears: Daily update for 3 Jul 8 comments
    Jul 3, 2010 2:22 PM | about stocks: GLD, SLV

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

    I didn't like friday's up close. It doesn't mean trend is up, it is only an inside day. But i found a new channel alignment that i liked very much. Now this is my back up plan:

    The path is schematic, only to illustrate that i am looking for a 3 wave move, and that would be the best path we could expect here, because it offers wide swings for day trading.
    The key points in this plan are:
    - We need to reach 1050/1060 level before any strong upside comes.
    - The move from 1060 to 1160 has to be not-impulsive, a corrective a-b-c type.
    - The top could turn into head & shoulders formation like illustrated, if it does, we should expect the right shoulder.

    Stocks: GLD, SLV
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Comments (8)
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  • justin_3d
    , contributor
    Comments (313) | Send Message
    Excellent view men.


    Let's see if it form a H & S


    Keep me posted.


    7 Jul 2010, 05:43 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » Today we closed up, and on the daily it looks like candlestick piercing pattern, not confirmed.
    Within the channel, we bounced off the mid-channel line.
    It is a flip of a coin on where gold would go on short term.
    For tomorrow, I give it a probability of 60% to hit 1208 and restart the downtrend towards 1180, and a probability of 40% to stay in trading range with possible retracement to 1218.
    7 Jul 2010, 09:08 PM Reply Like
  • justin_3d
    , contributor
    Comments (313) | Send Message
    hmmm interesting.


    I still say gold is strong at this level, and it needs another big drop to get everything changing....


    BTW GLD Call where amongst the most active in the CBOT Options....


    So until I see a bigger drop from this level, Gold is still in an uptrend, and this stock GOLD is very strong. Let's see what happens, but i think my stock GOLD might form a Head and Shoulder, where the head was just put, and is pulling back a bit..might pull back 75% although after I first short it, 96 was estimated pull back, after that nice drop.
    So let's see how it goes tomorrow!


    7 Jul 2010, 10:03 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » for tomorrow (friday) i give it 80% probability to do a downday below 1160 , and 20% to go up or trade range. should be an upday on the dollar also.
    8 Jul 2010, 08:43 PM Reply Like
  • justin_3d
    , contributor
    Comments (313) | Send Message
    hmm let's see, cause if i don't like what I see i'll close all my shot positions.


    Or if it's good, I'll add to my shorts....but right now, is not looking good...
    9 Jul 2010, 08:24 AM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » yes, not a promising opening for a down day. but i am not buying that gold will go up with rising dollar. lets see what NY says.
    9 Jul 2010, 08:38 AM Reply Like
  • justin_3d
    , contributor
    Comments (313) | Send Message
    Just read that Goldman downgrades gold miners Randgold, Anglogold


    Just so happen to be that i have Radgold short at 99! This might be good for me! :)


    Story here:

    9 Jul 2010, 09:21 AM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » we could have 50 buck drop in gold tomorrow friday (to 1140), and 1 buck in silver (to 17.20). if not tomorrow, similar downday could come next week.
    22 Jul 2010, 02:30 PM Reply Like
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