GLD (Gold ETF) Might Be A Good Short Early Tomorrow
GLD (Gold ETF) might be a good short early tomorrow, see http://finance.yahoo.com/q/ta?s=gld&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c. Note that GLD put in a very large bearish spike today just before session's end, and, the very short term countertrend Wave B type move that began early yesterday appears to have peaked when that very large bearish spike occurred.
If you're not using the highly useful Yahoo one and five day intraday candlestick charts you should be. I use them and ASKResearch.com real time charts to assess the Elliott Wave count, cycles, look for bullish large inverse spikes/bearish large spikes, etc.
It looks like GLD will probably experience a very short term 1-2 day Wave C type downcycle in the next session or two, in which it should bottom in the 90.50 to 91.50 range, well below yesterday 2-25's very short term Wave A cycle low at 92.11.
Looking at gold's daily chart, see http://stockcharts.com/charts/gallery.html?%24gold, it looks like gold might have put in a Wave 1 Cyclical Bull Market cycle high at $958.40 on Thursday 2-21-08 versus one probably occurring on 1-14-08 for HUI/XAU. The dramatic lag time between HUI/XAU and gold is a clear sign that important peaking action is occurring. Notice that the cycle high at $958.40 rolled over/flattened out versus the previous cycle highs in January, and, the very flat declining peaks downtrend since last Thursday 2-21 is a bad sign also.
A lot of people are soon going to find out how costly a mindless bullish agenda (or being plain LAZY or ignorant) can be. Get real before you get wiped out. Keeping your head in the sand is no way to live. Too many of the gold writers are ignorant nitwits (or worse) that only care about their own best interests and don't give a damn about yours. Trust me.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
If you're not using the highly useful Yahoo one and five day intraday candlestick charts you should be. I use them and ASKResearch.com real time charts to assess the Elliott Wave count, cycles, look for bullish large inverse spikes/bearish large spikes, etc.
It looks like GLD will probably experience a very short term 1-2 day Wave C type downcycle in the next session or two, in which it should bottom in the 90.50 to 91.50 range, well below yesterday 2-25's very short term Wave A cycle low at 92.11.
Looking at gold's daily chart, see http://stockcharts.com/charts/gallery.html?%24gold, it looks like gold might have put in a Wave 1 Cyclical Bull Market cycle high at $958.40 on Thursday 2-21-08 versus one probably occurring on 1-14-08 for HUI/XAU. The dramatic lag time between HUI/XAU and gold is a clear sign that important peaking action is occurring. Notice that the cycle high at $958.40 rolled over/flattened out versus the previous cycle highs in January, and, the very flat declining peaks downtrend since last Thursday 2-21 is a bad sign also.
A lot of people are soon going to find out how costly a mindless bullish agenda (or being plain LAZY or ignorant) can be. Get real before you get wiped out. Keeping your head in the sand is no way to live. Too many of the gold writers are ignorant nitwits (or worse) that only care about their own best interests and don't give a damn about yours. Trust me.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold
posted by Joe Ferrazzano at
8:31 PM
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