A Gold/GLD (gold ETF) Wave C Crash Started On Friday 10-10-08
A gold/GLD (gold ETF) Wave C crash started on Friday. Note that in the past few weeks GLD (gold ETF) did a short term Wave A down to 81.05, then did a short term Wave B up to 90.84, and, a huge short term Wave C crash began on Friday, see http://stockcharts.com/charts/gallery.html?gld.
GLD should bottom well below the 9-11-08 cycle low at 72.51, since the monthly upcycle from 9-11-08 until 9-29-08 was probably/very likely a huge countertrend Wave B type spike move. Countertrend action tends to be much more vertical/spiking type action than what occurs in most upcycles, because, it's peaking type action.
I'll be looking to double short gold via DZZ (the Double Short Gold ETN, Exchange Traded Note) tomorrow.
GLD was doing an anemic intraday countertrend Wave B type rebound at session's end on Friday 10-10-08, 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=. So, one has to be nimble when/if entering this short trade, because, the action is extremely volatile and rapid at times. Nothing I discuss on this Blog is a recommendation.
.......http://www.JoeFRocks.com/
NEM XAU HUI
GLD should bottom well below the 9-11-08 cycle low at 72.51, since the monthly upcycle from 9-11-08 until 9-29-08 was probably/very likely a huge countertrend Wave B type spike move. Countertrend action tends to be much more vertical/spiking type action than what occurs in most upcycles, because, it's peaking type action.
I'll be looking to double short gold via DZZ (the Double Short Gold ETN, Exchange Traded Note) tomorrow.
GLD was doing an anemic intraday countertrend Wave B type rebound at session's end on Friday 10-10-08, 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=. So, one has to be nimble when/if entering this short trade, because, the action is extremely volatile and rapid at times. Nothing I discuss on this Blog is a recommendation.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
1:29 PM
2 Comments:
Please e mail and/or tell your friends and relatives about this Blog. Thank you! May the force be with you. Ciao. Joe F
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Joe Ferrazzano, at 3:03 PM
Hi Mr Joe,
Actually quite a number of your readers have highlighted your blog at other sites. Eg. Mr Bill Cara's blog.
http://www.billcara.com/
That's how I first discovered your site.
Mr Cara's site has a very active investing community so you may wish to join in and share your expertise/views also.
By
Unknown, at 12:52 AM
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