..........Beware The Goofy Corrupt Gold Loons!
Gold's crash/5% major sell signal last week was a short term Wave A downcycle, see http://stockcharts.com/charts/gallery.html?%24gold, which means that another vicious short term Wave C decline lies ahead in the near future, in which gold will bottom well below the Wave A cycle low, probably in the $850-875ish range.
Some/many of the goofy corrupt (and/or clueless) gold loons are saying that last week was a buying opportunity. Every dip, no matter how large or how severe the technical damage, is a buying opportunity to the gold dips. They would have investors/traders catch a falling knife and get crushed. What else is new?
Also, considering that gold is basically done/in an 18 month+ Wave 2 Cyclical Bear Market now/soon (might put in a double top in a few months), see http://tradethecycles.blogspot.com/2008/03/gold-is-basically-done-for-long-time.html, and, the process of the gold loons leading investors/traders to disaster will keep repeating itself over the next 18+ months. Ouch!
Gold is likely to put in a slightly higher bearish double top in the next few months, because, gold tends to lag HUI/XAU at important cycle highs/lows. Gold will probably behave in a similar fashion to the S & P 500, after it (as gold did last week) hit a major 5% follow through sell signal in July 2007, see chart 4 at http://www.joefrocks.com/GoldStockCharts.html.
SPX's (S & P 500) July 2007 cycle high was a potential Cyclical Bull Market cycle high because of the 5% major sell signal, but, thanks partly/largely to massive Fed credit injections, SPX put in a Cyclical Bull Market cycle high in October 2007, only +1.30% above the July cycle high, peaking in dramatic rollover mode, see chart two at http://stockcharts.com/charts/gallery.html?%24spx. So, the 5% major sell signal worked well, as it almost always, if not always, does. One can't completely rule out the unusual/unexpected.
....... http://www.JoeFRocks.com/ .
Some/many of the goofy corrupt (and/or clueless) gold loons are saying that last week was a buying opportunity. Every dip, no matter how large or how severe the technical damage, is a buying opportunity to the gold dips. They would have investors/traders catch a falling knife and get crushed. What else is new?
Also, considering that gold is basically done/in an 18 month+ Wave 2 Cyclical Bear Market now/soon (might put in a double top in a few months), see http://tradethecycles.blogspot.com/2008/03/gold-is-basically-done-for-long-time.html, and, the process of the gold loons leading investors/traders to disaster will keep repeating itself over the next 18+ months. Ouch!
Gold is likely to put in a slightly higher bearish double top in the next few months, because, gold tends to lag HUI/XAU at important cycle highs/lows. Gold will probably behave in a similar fashion to the S & P 500, after it (as gold did last week) hit a major 5% follow through sell signal in July 2007, see chart 4 at http://www.joefrocks.com/GoldStockCharts.html.
SPX's (S & P 500) July 2007 cycle high was a potential Cyclical Bull Market cycle high because of the 5% major sell signal, but, thanks partly/largely to massive Fed credit injections, SPX put in a Cyclical Bull Market cycle high in October 2007, only +1.30% above the July cycle high, peaking in dramatic rollover mode, see chart two at http://stockcharts.com/charts/gallery.html?%24spx. So, the 5% major sell signal worked well, as it almost always, if not always, does. One can't completely rule out the unusual/unexpected.
....... http://www.JoeFRocks.com/ .
posted by Joe Ferrazzano at
2:47 PM
4 Comments:
Everyone knows (well, almost everyone) that trees don't grow to the sky. It's just a saying, but, what it says is that, from a Trade the Cycles point of view, when a huge parabolic spike move's uptrend line breaks down (this is really just basic technical analysis/common sense), look to get out in a short term countertrend Wave B rebound.
Gold has had a huge parabolic spike move from 8-16-07 until last week ending 3-21-08 when it's uptrend line got shattered, which is probably the final Wave 5 blowoff spike move (in dramatic rollover mode) of the Wave 1 Cyclical Bull Market since April 2001 versus the 5-11-06 cycle high.
Look at chart after chart after chart and one can see that one should NEVER chase huge parabolic spike moves as a long term investor. FACT.
By
Joe Ferrazzano, at 11:20 PM
Another criminal activity, in addition to misrepresenting gold's and/or silver's (and HUI/XAU's) prospects for personal gain (fraud), is attempted manipulation of gold, silver, and certain gold/silver stocks by non stop pumping, with nearly always if not always bullish articles and daily pumping on message boards.
There is a LOT of corruption in the precious metals sector.
By
Joe Ferrazzano, at 12:26 AM
Because of index related program trading gold can't really be manipulated by pumping (gold is securitized as GLD, IAU, and other ETFs, and, is clearly affected by program trading/can be seen in a Yahoo comparison chart versus the S & P 500, as I've shown a number of times), but, the gold criminals don't understand that.
By
Joe Ferrazzano, at 12:37 AM
Some precious metals writers are really two bit no good pimps, and, their whore is gold or silver, HUI, XAU, certain gold/silver stocks, etc.
By
Joe Ferrazzano, at 12:44 AM
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