163 thoughts on “CHART OF THE DAY – LAST BUYING OPPORTUNITY”

  2. Gary Post author

    It seems a bit counter intuitive but the best scenario would be for the PPT to step aside and let the market continue down and at least break the June low. That would confirm an ICL and then pave the way to rally for the rest of the year.

    If the correction gets aborted tomorrow then we have a daily cycle that bottomed on day 34 and still opens the possibility for the ICL to come in October. Basically it would complicate things. It would be much better to finish the ICL now.

    Plus I think the next ICL, whether it’s occurring now or in October, will be the launching pad for the vertical phase of the bubble.

  3. chrisG

    Be careful guys. The way Gary seemed to imply is that declines may not be too steep. He is ruling out a 10 to 20 percent kind of drops. But, that could still be the slingshot quick move that throws the majority in the wrong way

    1. Gary Post author

      The intermediate cycle is right translated so it’s unlikely we move below the March low. Plus the 7 YCL occurred only 2 years ago. It should still be too early for a drop of that magnitude.

      The NYMO is setting up a divergence typical of an ICL forming.

      1. Gary Post author

        I won’t try to guess where the bottom will occur. It’s become next to impossible with all the interventions in our managed markets. But I do strongly believe one should buy this dip.

    2. jacob2

      Agree, most have forgotten what a real correction looks like. OVerdue for something way more substantial. 6 – 8 weeks of the algo’s selling the dips. Real fear required.

  4. wifesaidnomoretrading

    I posted yesterday on subscriber site in the morning I bought SQQQ @ $27.77 and holding JNUG 5k shares but Gary squashed it in moderation which was a 12% swing on TQQQ, this decline easy to see and idk why ppl talking themselves into holding through instead of at least getting out or deleveraging until have swing and follow through … if there really is 100% coming then starting -10% has a huge impact for significant portfolios… just saying… I never short the market and this is my first trade of year on that side. But it is time… UVXY is a buy on dips through September there will be several cycles of volatility and new highs over recent spike coming for VIX maybe on several occassions. Call options for VIX w expiration in Dec and I updated that I have 50% cash in 401k along w sold my BAC, C and JPMC looking for another discount to buy there. Currently long JNUG long SQQQ long UVXY

    1. Gary Post author

      I don’t need a bunch of comments on the premium site of everyones trades. You can post those here if you like.

    2. Christian

      Imagine if every subscriber was to post every single trade on the premium side — it would turn into a shit show.

  5. wifesaidnomoretrading

    Yes but discussion is a good thing in my mind as long as it is constructive and you bring perspective. I’m not trying to bash or go against the tide but I thought it was relevant, I pay because you provide very valuable perspective. This time I think there is still time to sidestep with little FOMO of roaring rally that you can’t just chase once swing forms. Market will be lower than here whether ICL in October or September.. this time is different because as you say we are due… a man I highly respect has been in SQQQ since last week so not up a bunch but he is holding and always one to take small profits…. I trust him like I trust you, we old colleagues he on FX side of the aisle… also short gbpjpy which tells me usdjpy still a little weak in the knees heading into next week. NK bullshit as I highlighted last couple weeks may be different this time as well because there’s another story coming soon… just a matter of this weekend or next in my opinion… you don’t trade on that alone but there are many signals going on and honestly upside is capped through at least early October other than rally into September FOMC… you saw it coming as well and confirmed my thoughts on SQQQ in fact, but strategy of sticking in has been more profitable than getting scared all year so it’s right to not constantly flip strategy… but again this time slightly different as we haven’t violated previous DCL in 10 months. I thank you for good work but debate is most valuable when there isn’t total agreement. I’m retired so I have the time now to trade and no restrictions so have been getting more active… you been great help. Metals short will be good soon once market bottoms and I don’t think that’s tomorrow. We will have JDST or DIE conditions for couple weeks before ultimate ‘last” buying opportunity in miners. 1300+ is coming. VIX higher on several occasions and call options on big down days in VIX are good pickup especially if ICL is in front of us along w Debt Ceiling

  6. wifesaidnomoretrading

    I’m looking to pick up JDST in mid-$50s. I’d say if we see that price don’t worry about absolute bottom because anything under $65 JDST can see profits come next DCL in gold, in my opinion. I think fresh lows for JDST next week and then it starts moving into Jackson Hole. Again not sure this is ICL but tomorrow idt bottom of this down wave in market. Also think UVXY and TVIX are hold over the weekend whether they run tomorrow or discount. If discount I will hit stops in profits in premarket and buy back by EOD. If run I will just hold old turkey into next weeks. May cash VIX Dec options next week and buy back- most likely by Wednesday even if I miss some burn can always hop back in

  7. Gary Post author

    If we assume March marked an ICL even though there was no failed daily cycle then you can see we are in the timing band and the ICL should occur when this daily cycle bottoms. And the daily cycle is on day 35.

    1. HomerJ

      Remains to be seen… NYMO says another drop to -80 is in the works to print a pattern and seasonality is chirping S&P to 2400 is not unrealistic. I know you like to buy ahead of everyone else Gary, that’s your prerogative.

      1. Gary Post author

        We need to at least get to 2400 to confirm an ICL. It’s not absolutely necessary but a failed daily cycle is usually a requirement. So I’d like to see 2400.

        On the other hand virtually every ICL since 2012 except the 7 YCL has been aborted at the 38% retracement and we hit that level today.

  8. Ed

    If gold close above $1,300 and silver over $17 on or before August 27 and carries over to September, forget about NASDAQ and move all your money to Gold Silver Miners.

    Epic battles will rage on to cap Silver price and Gold price until August 28.

    1. Gary Post author

      I think they continue to go up together. But I think the biggest and quickest gains will be in stocks until the bubble pops. Then look out gold goes to the moon. Very similar to bitcoin.

      1. Emptyness

        Gary, why are you so confident ? In my opinion the PPT only steps in at extreme situations. The strategy of buying on dips is coming from the robots / computers, not the PPT.
        We are getting closer and closer to the debt ceiling, which will probably be a big problem – also for the stock markets. I think the vertical phase of the bubble can’t start before the debt ceiling problem is solved – maybe in winter. Up to then the stock markets will go sideways.
        In my opinion gold has a better balanced risk/reward profile this autumn – especially the miners, they are so cheap:
        http://igoldadvisor.com/2017/08/16/gold-breaking-out-as-miners-still-historically-undervalued/

        1. Gary Post author

          It’s much better to be proactive and stop the downward momentum before it really gets rolling than to wait until the market is panicked.

          Gold is nearing that 1307 resistance zone today.

          Stocks are 35 days into this daily cycle, 20 weeks into the intermediate cycle. As of yesterday they have retraced back to the 38% fib. That is the first potential spot for a bottom.

          Either way the intermediate cycle will bottom when this daily cycle bottoms, and it shouldn’t have more than 5-6 more days to go max. It may have bottomed yesterday. Some of the typical signs are there. Diverging TSI. Diverging McClellan oscillator. Diverging tech sector and semi’s.

  9. Ed

    One smart move is get out PM miners now at higher price and come back later scoop up more shares at lower price after option expiry.

  11. ARends

    For those miner traderds after some analysis I have come to some discovery to the pattern of GDX (miners) That might be of use and support confidence to very little drop further and acceleration ahead waiting on verge of breaking the key 400 MA. The miners wipsaw was due to all the MA’s convergence to crossing for the new bull trend as the price bounced between them (see charts below)

    You might find this interesting that in weekly and daily how the MA resistances and support are at specific MA for gold and miners. We might have crossed most relevant MA’s in GDX so they are support for very little down movement now it seems, and have been bouncing below the 400 MA as last resistance to break from June.

    Miners is specifically sticky when falling or jumping between the key MA. The convergence of all the MA’s as you will see these now explain miners behavior and could help with trading them. Miners has been trying to break the 400 MA as it dropped below it 14 June. The peaks were held by 210 MA and Daily cycles seem were regulated between the 20 & 50 MA
    (gold) https://invst.ly/4ul8a
    The most relevant MA I kept and is seen all presently converged between 23.24 & 22.38 of GDX
    https://invst.ly/4ulh0

    Hope this might help to your strategy!

    1. Gary Post author

      All we really need to do is break that intermediate trend line. The daily cycle still has 3-8 days left to do that.

      But I can say with a great deal of confidence that the ICL is going to end within the next next week to week and a half when this daily cycle bottoms. And we all know how the move out of ICL’s typically behave. They usually rally 6-8% in the first 12-15 days. . I expect this one to recover the all time highs within the first 12-15 days.

  13. Dday

    On the technicals gold is in overbought territory but nowhere near extremes. Regarding levels, silver needs to clear $17.45, gold $1307. Silver still looks weak in my mind. If gold breaks $1307 then $1330-1350 awaits which is the long term trend line. Is it fair to say Gary is usually about $50 out with his gold predictions, Totally unpredictable at the moment, guesses followed by adjusted guesses……

  15. ARends

    Gold, The conclusion is that what seems to be resistance levels proves less then the different MA that coincide at times to define the move extreme in periods. The MA ranges seems to be the determining factor for the cycles move in the IC, DC.

    This could be a consideration to determine what actual support would hold and break if looking at levels of resistance in cycles looking at the looking at this weekly it seems quite clear https://invst.ly/4umsl

    This seem to make next resistance and targets and support for cycle in time periods so also daily chart for me it makes sense to who ever see the value in use with technicals as secondary guide

  16. Pedestrian

    Everything is lining up beautifully on the gold chart at this early hour today. I think I have written enough on the subject to knock you people out so this might be the last comment for Friday. Now we will just let things play out for next week according to predicition. I got my dollar over 1300 I was looking for yesterday plus a little extra for good measure and the bottom rail (drawn using March and July lows) has come in to near parallel perfection with the upper resistance rail on the daily gold chart (drawn through April and June peaks). Check it for yourself gold bugs:
    http://finviz.com/futures_charts.ashx?t=GC&p=d1

    1. Nada

      Ped, so you are short at 1301. Do you have a stop and curious if you are trading gold futures or spot? Good luck.

      1. Pedestrian

        No Nada. Neither short nor long at the moment. It is still too early to take a position. I specified certain conditions had to be met first before I entered a trade and also that it had to happen within a few days with the highest likelihood being Monday morning. I don’t gamble even when my idea has great odds because there have been times perfect set-ups disappointed unexpectedly. Also as a rule, I don’t hold trades over weekends when the pattern still has not completed. This one, while it looks superb, still has a little work to do before I pull the trigger.

        1. Cardio2

          Pedestrian you are the best contrarian indicator on this board. I have been reading your post for months.
          I appreciate you for always being wrong as I make money off you.
          Recall how you said the s+p would tank months back and it went up every day after your bear call? That is just one example.

          Please keep posting your calls mate.

      1. Pedestrian

        Correct. I left the information on peaks and valleys I use so that you can draw your own lines if your really interested. I can’t be bothered to make charts for people who attack all my comments each day though. But for the few like yourself who follow along I try to make it as easy as possible.

      2. Cardio2

        ARends if you follow Pedestrian you deserve to get burned. He is constantly wrong on almost everything he touts.

        1. Pedestrian

          Again with the empty commentary. You gold-tards just never give up. Please link the wrong call you refer too so we can discuss this based on facts. Everyone here speculates on the future. Those are not trading calls though. And anything discussion about the long term chart patterns could not possibly have helped you profit on a so-called contrary trade.

          Like Don, you are another liar on the board.

      1. Pedestrian

        1200 is still coming. I have not changed my mind. That is a forecast I am sticking with and you can bank on it.

  17. chrisG

    Ok gary. Yes, in 5 to 8 days. We all know, that could also mean an 8% or more fast drop. Lets see how much decline this one is. Today i think is going to be flattish. It is next week that will be telling. I think early drop means 200 dma, bounce means gary’s scenario of PPT is in force again.

  19. zkotpen

    Here’s some “evidence” pointing to likely double zig zag wave C of multiyear triangle:

    https://www.tradingview.com/x/YgK4ICsV/

    Also, as of today, gold is starting to poke into overbought on the yearly cycle. And if I break out the micrometer, yearly volatility has expanded ever so slightly in the past couple of days. Seems like a pullback should be coming soon — maybe down between the 50 day and the 200 day SMA area — currently 1229-1251. I could also envision a shallower pullback — something to watch for. Still, this looks like wave B, bear trap, of the second zig zag in the double. The caveat is always, these corrective patterns are notoriously complex!

    After wave B would come wave C of Y to complete the double zig zag. Currently, yearly cycle resistance is up around 1333, and that should not get out of line just yet. That means that yearly volatility, which is just starting to expand very slightly, would need to stabilize and probably contract a little more before the move up to the YCH.

    In the above scenario, that would mean a chance to exit long positions at a profit — today, Monday, Tuesday, something like that. Then a shorting opportunity. Then another long opportunity, followed by a YCL below 1200 but above 1122.

    1. Nada

      “In the above scenario, that would mean a chance to exit long positions at a profit — today, Monday, Tuesday, something like that. Then a shorting opportunity. Then another long opportunity, followed by a YCL below 1200 but above”

      Good morning. What is your timing bad for the YCL? We have confirmation today of the ICL in July, so a bit perplexed about this comment. I agree Monday or Tuesday appear to be good days to lock in profits from long at the moment, will have to see how things develop today. Will be interesting to see how market reacts to yesterday selling.

  20. Goild

    Good morning,

    Back into shape after missing three days of good action.
    Dday is back!

    The situation looks exciting.
    Let us make good money today!

    1. Gary Post author

      You still have your shorts in the challenge as far as I can tell. If you closed them at some point I will need to see a confirmation email.

      1. Nada

        There is a difference between paper money and real money Gary. I said I was riding DUST to dcl when it occurs. With real money I listed target of 1316 in spot. I will be happy to post screenshot when I get out of car.

        1. Gary Post author

          I just wanted to make sure I didn’t miss something.

          Don’t forget when I take trades I assume other people are following so I don’t think everyone should assume that just because these can be paper trades you should just ignore risk. Trade as if real money is on the line.

  24. victor

    Guys look at daily USD/JPY, huge support. I’m shorting from here. Bankers did their job nicely and you are exited like kids. Short.

  28. Gary Post author

    We clearly now have confirmation of what I’ve been saying all along. Gold completed an ICL in July.

    Just like the stock market you have to buy the dips.

    We should get a nice dip in gold once stocks find their cycle low and start to rally.

  29. AT

    Gold is moving up; it will be interesting if Gary will make a call to buy Gold, instead of buying the QQQ or TQQQ at the tops.

    1. Gary Post author

      I don’t think you’ve been paying attention. Everything is a buy on the dip. I’ve done multiple posts and videos showing how everything is going up together.

      Stocks produce the first bubble.

      Gold the second once the stock bubble pops.

      You have to buy the dip in both.

  30. Ed

    Watch active month Sept 2017 SILVER is playing.
    People start panic into option expiry.
    Gold is a side play now,

  31. AT

    Just sold 100% JNUG at 18.80 … in cash for now

    Trades:
    Aug 18 sold 100% JNUG 18.80
    Aug 2 buy 50% JNUG 18.20
    Jul 31 buy 50% JNUG 18.59
    Jul 28 sold 100% JNUG 18.69
    Jul 27 buy 50% JNUG 17.61
    Jul 27 buy 50% JNUG 17.98
    Jul 24 sold 100% DUST 30.95
    Jul 18 buy 50% DUST 30.19
    Jul 17 buy 50% DUST 30.80
    Jul 14 sold 50% JNUG 16.92
    Jul 13 buy 50% JNUG 16.08
    Jul 11 sold 100% JNUG 16.56
    Jul 7 buy 50% JNUG 15.03
    Jul 6 buy 50% JNUG 16.46
    Jun 30 sell 50% DUST 31.48
    Jun 27 buy 50% DUST 30.05

    1. Gary Post author

      If they stop the selling before the SPX breaks the intermediate trend line then we probably get a double top and then a long grind down into the ICL in Oct.

      It would be better if they just let the market correct and break the intermediate trend line during this cycle low.

  33. Ed

    If we ever a chance to break PM manipulators, this is IT. Time to destroy them. Billions Billions dollars hanging on thread in Silver contracts expiring August 28. at $17.00….

  34. Ed

    PM manipulators have so big their war chests, you cannot be sure until SILVER stays around $18 before the roll over.
    This could be PM bull trap before smash down next week.
    Don’t take your eyes off from SILVER.

  35. vin

    @Pedestrian: Has gold budged? No damage to Sm pattern yet? Has last one hour changed your views or not yet?

    1. Pedestrian

      The chart is awesome. No damage to the technicals I follow. This is a sell in my books barring any unexpected nuclear antics from Kim Kong.

  36. Ed

    PM BULL TRAP is being set up now.
    Don’t fall for it.
    With Total Eclipse on Monday, today could an excellent day to set a trap for emotional PM bulls.

  37. Ed

    Just remember that Bank Cartel CONTROLS news feeds.
    Every news feeds coming out last few days tells me, this is a trap.
    And don’t believe PM will move same direction as SM.

  39. Spanky

    Dow is approaching the 50 dma today. The 50 dma would, you would think, be at least worth a bounce.

    The triggered H&S projects to 21200 though, which is more or less the current 100 dma. I expect that MA or number to get hit eventually. Not shorting or anything, just what I see.

  40. Spanky

    GDX looks pretty weak tbh (but then the entire rally from July 10 looks weak to me).

    $silver also put in a black candle yesterday which has never been a positive indicator for near term price.

    Still long silver miners and will stay long come hell or high water. My AXU continues to inch up gradually and the daily chart actually looks like a sustainable and large ramp higher is possible. I guess we will see.

    http://stockcharts.com/h-sc/ui?s=AXU&p=D&b=5&g=0&id=p80698771544&a=540145163&listNum=1

  41. Ed

    Moon covers Sun on Monday next week.
    Moon controls Tides.
    Stock Market controls by Physics and Laws of Nature.

    No sense Pissing Against Wind.

  43. Goild

    Well, I recovered the $650.75 lost three days ago and made half lunch for a total so far of $1011 🙂
    Good reading to all !!!

  44. Goild

    AT

    Keep the good work!!!
    Nice to see your profitable record.
    Please share how your crystal ball works.

  45. Ed

    Like I have said before, It’s always Better being Early than A Day Too Late.

    I would buy PM here with both hands if you have not bought yet, but never with Leveraged Funds.

    This is an Excellent Day to buy Gold and Silver Miners.

    Just don’t panic when a smash down comes next week.
    As long as you understand that Time to Sell is before Crash, not After, Gold Bulls should be OK even with a smash down next week.

  46. Jimsee

    Ed – next week is mcnjs roaring – could well be a sharp run to top in qqq/dia…lunation is additive not leading imo. I had gold making a low this am – but now it’s totally confusing….long miners/short gold with puts into exp the only way I can play.

  49. Goild

    Miners may go sideways for the rest of the day. We shall see.
    I am done for the day.
    Have a nice profit today.

    2. Spanky

      This candle doesn’t look weak at the moment now. We will have to see how miners close before making a call!

  55. Kenny

    I have been playing the markets professionally for over twenty five years and know of several successful traders. None are short term traders who sell at the first hint of a loss or who sell for chicken shit profits.
    This board has a lot of interesting characters, most of which are going to lose money. Those who claim to be winning day traders are full of shit. Successful short term traders are a rare breed and never spend time on these boards. They just don’t have the time for chit-chat. The most successful traders are long term buyers who buy sectors that nobody else wants. They expect drawdowns and long periods of just waiting.
    I am not going to bore everyone with tales of my success or what my next trade is going to be. I have no need to impress anyone. I will tell you is that I have observed a only a couple posters here who have what it takes to make real money over the long term. If you can’t figure out who are the best to pay heed to, then you are one of those destined to lose.
    The author also knows his stuff but often takes on risky leverage, perhaps to appease the demands of the gambling subscribers looking for a quick fix. Leveraged products should only be used sparingly with low fee ETFs being the ticket to long term profits.
    Good luck everyone.

      1. Pedestrian

        LOL, just my thoughts Spanky. These one-shot posters are hilarious. They always imply they are much better than everyone else but never stick around to prove it. Just blah, blah, blah and then they are gone again. Too funny, man!

        1. JJHarmen

          Pedestrian. you are already trying to pick a fight with a new poster! “never stick around to prove it” That coming from a guy who refuses to post his positions or trades.
          I don’t understand why Gary puts up with you. I am beginning to wonder if it is because Pedestrian is Gary himself.

      2. Sassybabe

        Thank you for your insight (kenny). Care to share who it is I should be paying attention to? What are your thoughts on the markets?

        1. Pedestrian

          If you haven’t figured it out yet Sassy you probably aren’t paying attention.

          Most of this site is populated by hostile goldbugs with a pro-gold agenda or guys heavily invested in gold positions that are badly underwater. Some I suspect are working with gold companies and spend their day shooting down any commentary that is negative about gold and does not suit their interest. They are entirely biased in their views and can never be trusted when they promote this or that company. Most of the traders here meanwhile are complete bloody fools, don’t know a technical pattern from their own backside or are just plain lazy, undisciplined gamblers with wads of cash to blow and time on their hands to behave just like internet trolls do everywhere. And like the gold community as a whole they are almost all liars.

          Choose wisely.

      4. JJHarmen

        Spanky, what a bone-headed thing to say. It’s dick heads like you that chase away people we could learn from. I think it safe to say that you are one of those guys “destined to lose”.

        1. Pedestrian

          Get off it JJHarmen, Spanky is one of the few genuine technical traders on the site with the ability to correctly analyze a trade. If I had any criticism of him its only that he leans too bullish and does not trade on the short side.

    2. JJHarmen

      Thanks Ken. Hope we hear from you again. It would be nice if you would share the handles some of the traders that you see as being successful. Maybe on other boards also? (I know it wasn’t me. I struggle sometimes. LOL)

  57. 1970confused

    It’s unbelievable how many are still bearish the metals and miners?? I guess thats a good thing. We are above 1300$ we have broken above the 6 year downward trend line but many still refuse to believe what Gary been saying, that a new bull market had started in early 2016. Climbing a wall of worry is just fine with me, let there be contrarians all the way up to bubble highs 🙂

  58. 1970confused

    Yes and they will all be saying that they were already in and made a ton of money lol 🙂

  59. 1970confused

    Both GDX and GDXJ have broken out of there pennant formation, looking for more upside 🙂

  60. Jimsee

    guess Kenny has a brittle definition of trader – best traders I knew did 3-4 time frames simultaneously. Long Long term investments in key sectors, medium term technology trends, weekly option prem skimming and daytrading sp futures. Guess we can’t all live up,lol.

    1. JJHarmen

      Did those traders you knew spend tie on these chat boards? I would think a really good day trader would not be so inclined to waste time.

      1. Jimsee

        simple explanations can be insightful or stupid…take yr pick.. good daytraders r generally done bef 10am and then maybe, a 2pm trade if they had nowhere else to be.

  61. zkotpen

    Nada,

    “Good morning. What is your timing bad for the YCL?”

    Hi Nada! First, there may still be a couple of months for the YCH to complete.

    Afterwards, Wave D can be “quick” — so maybe shorter than last year’s decline is possible. Maybe 4-6 months to complete? But I will need to see how this yearly move up completes for a better idea.

    I plan to look at the multiyear charts over the weekend & see how they are shaping up. That cycle has a while to go, I think (more than 1 year)…

  62. Pedestrian

    S&P looks golds good to bounce at 2420 which was my best estimate from yesterday. If it holds there I will be pretty damn pleased.

    1. Pedestrian

      Screwed up that post. Sorry for bad typing.

      What I meant to say was that the S&P has indeed bounced off 2420 which was my prediction from yesterday well before the close. I only bring this up for the benefit of the Don’s, Primetimes, JJHarmens and other site retards who don’t know how to read a technical chart. If anyone is curious how I knew a day in advance where the S&P would bounce from then by all means ask. The rest of you hostiles can screw off.

    1. zkotpen

      For some reason, when I think of Trump (rather infrequently), the name “Octavius” comes to mind.

    1. Gary Post author

      If the PPT rescues the market here then I think we have another test of the highs, possibly 2500 before a grinding move down into an Oct. ICL.

      That would work with gold giving us a DCL while stocks bounce and then another rally to at least 1400 as stocks work down to the Oct. low.

      I’m going to try to do the weekend report and cover this scenario and have it out before the close.

      1. Spanky

        Unbelievable if true. But then its been happening for 8 years. This bounce is 100% yen driven.

        1. Nada

          Yes, BOJ defended 108-109 area with a vengeance. I thought we were well on our way to 106 – we may still be, just a hiccup.

  67. Jimsee

    I see the markets as a living laboratory, love the challenge of ‘solving’ the trends, a bad habit if simply money is your goal. I like finding good minds to see another view of the grand puzzle.

  68. Spanky

    Huge gap and crap in $XJY today should send the US stock market in the opposite direction. Wouldn’t be shocked whatsoever if it closes higher today. $XJY looks like it has formed a topping candle so far today. Should provide support to US stocks and the opposite for metals.

  69. allthatglitters

    Looks like gold kissed 1300 for a nanosecond and is heading back down. The SS Wet Noodle needs to head down to the valley for awhile and refuel before it can break thru upward resistance. It will eventually, but not on this run.

  72. dboz

    Just be prepared if we are witnessing the ultimate BULL TRAP in gold and miners. Take you right up to the edge of a big break out, then possible rug pull?

  73. Bigdaddy

    Oh for f___ sake. Everything was looking good this morning and then they took away the punch bowl. I could have sold my miners for a nice profit and now it has all gone to shit. I could have covered the Facebook short at a profit and it has gone to shit too. I hate Fridays.

  77. allthatglitters

    I am with you Megamind. And don’t forget the big boys are back soon from summer vacation in the Hamptons. They will be refreshed and ready to go, and fleecing retail gold longs is their favorite sport.

  80. MegaMind

    Also Armstrong just posted saying that market is going to drop in to early 2018…and it is going to be a SCARY one…so I am thinking atleast a 15-30% drop in SPX

    1. Gary Post author

      LOL He posted for almost two years now that gold was going below 1000.

      Back in 2011 he was predicting gold would be above 5000 by 2015.

      He missed the 7 YCL and was predicting much lower prices when it bottomed.

      He called a recession back in 2015 which clearly hasn’t happened.

      Almost worthless as far as I can tell. Sometimes Socrates will get a short term call right although the arrays are setup as to have multiple possibilities very similar to EW. So they can be interpreted to say almost anything.

    2. Pedestrian

      Well if that’s the case then gold really will take off during 2018since it unquestionably responds to a falling stock market by rising. The reason is because of the Yen. Gold is positively correlated to Yen/USD and the Yen is inversly correlated to the Nikkei index. When global markets fall the Nikkei falls pushing up Yen and thus providing a tailwind for gold to rise with it as a safe haven trade. It will be interesting to see if gold stocks follow along or are crushed by a falling stock market.

  81. Bigdaddy

    The Canadian gold miners have fallen much harder than the American?. Why? My HGU has gone completely to shit. Don sold yesterday and i should have followed. I thought the miners were going to explode. upwards. Sad fing tale.

    1. Pedestrian

      HGU fell below and then backtested the old support line which failed so it sold off and now support has become resistance. It looks very negative right now.

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