The strong move above $1240 pretty much negated the coil and eliminated any doubt that Aug. 24th was in fact the cycle low. Gold is now on day 5 of the current daily cycle with potentially 10-15 days before the next significant short term top.
COIL NEGATED
So to qualify as a cycle that does not fail, it must take out 1260 on this daily, correct?
I would imagine once this daily cycle is over, we will have some sort of pull back vs. the last one which lasted about 2 minutes? Would one assume that 1260 will then hold on the next daily cycle correction? Just trying to think out loud about what a game plan might look like. Be nice to have a pull back for the poor schmucks sitting on the train platform watching the G-train rocket towards Garysville.
Just reread “Old Turkey” – great story!
Anon,
In order to be a positive cycle it must exceed the prior cycle high. That came at 1237. This cycle has already bettered that.
Ouch looks like the G-train is going to run over a few bears today.
Everything going up today, except maybe the dollar. LOL!
Now the shorts have major problems. G-Train ain’t no joke, so buy your ticket, or get off the tracks, but don’t just stand there.
950 boy is standing on the tracks like a deer in headlights. LOL
You got that right! He could of been LOL all the way to the bank like us, but instead just busted out.
LMAO!
Don’t look know Justin, but the dollar is getting smoked.
gold just took a dive as well
Gold is up by almost $3.00 ???
Hi Gary,
I agree
I was trying to sway that gold was at 1254…now down to 1249
Oh no, I’m only up 30.5% right here. DGP from $25.77
Thanks Gary.
And today I’ll be cashing out of my DGP and into gold etfs, but without the leverage. Not using any margin unless we get a substantial pullback in the next few weeks.
Gary, I wonder if a reverse-troll-meter makes any sense? That is, is there a limit to the number of bragging posts you can get about how much people are making in Gold to time a top? I know you don;t especially want to time tops in a bull market, but even in a bull, one might want to time a new add-on purchase or sell some leveraged stuff near a cycle top when there are lots of braggarts. What’s the opposite of a troll? Does seem like a lot of boasting lately. Makes me wonder…
When we get late enough into the intermediate cycle and stretched far enough above the mean to be meaningful I will ad a gold bug euphoria gage.
We are a long way from that happening though. There probably isn’t anything to do but sit still for the next 7 -10 weeks.
Would DG count me on the reverse troll meter? I’m very happy with my gains, but since I cashed out this morning, am I still considered a raging bull?
hmmm
Either way, 30.5% baby! 🙂
As long as you have people waiting for a reversal to get on, you have nothing to worry about as far as sentiment is concerned.
Aaron.
DG,
Are you still long stocks? Shorts are getting mashed like taters. Nice hold, if so.
TK is kind of quiet today. I wonder which short he’ll brag about today?
My indicators are screaming all dips can be bought. We should have substantial upside the next several days.