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Very charts you posted. I'll be watching a couple of them.
I like this one as well.
Nat Gas: The question is which one of the counts are we in. IMO it really doesn't matter because all of them will be heading up soon. The Green and Purple counts still need one more low. The Yellow count assumes the low at 2.475 was the final low. Green has a low around $2.38, Purple's low won't be established until Purple C tops but it'll be close to the green low IMO> If this is the green count the resistance at 2.625 should hold. If at anytime we top that grey dotted line it's almost a guarantee the low is in.
I think so, of course I could be wrong but the oil chart simply doesn't look ready for a prolonged recovery. Guess we'll see.
China, Greece, Russia, Europe, Central Banks, Earnings blah blah blah...............
I think you're missing the point. If you read much news on Friday you may have noticed that there were some far reaching ideas on why the markets took a dump. I didn't find any that even came close to holding water so I figured a spilled can of soda was just as good as anything else. I mean it's news too.......
Oil- I know that many traders out there are bullish on oil right now and why not. USO is up over 30% in the last month and like as many bulls would point out is now facing a breakout. They'd be right, it is up over 30% and is facing a breakout but I'd add that facing a breakout and breaking out are two different things.
Let's take a look at this BULLISH USO chart and you can be the judge.
Good Evening EST, had a wonderful day with the kids but managed to fit some work in as well and I'm looking forward to next week for sure.
Wrinkles you may have a decision to make on your NUGT trade. I don't think $19.60 is going to hold but that doesn't mean I don't think the metals and miners aren't moving higher.
The good news is I still think we're about to take off in a 3rd wave and most of you know what that means. The bad news is we may not be done with the current pullback. Why? The metals and miners had a perfect opportunity to break out last week but didn't take it. That doesn't mean it's not going to happen it just means the markets weren't ready for one reason or another. Of all the charts silver is again giving us the clearest signal and is without question showing hidden support that the normal Joe just wouldn't see. Whenever something is going to move lower it pushes the bolli's down, it doesn't wait for them to catch up in order to provide support which is exactly what silver did.
I've been over all the pertinent charts and basically I'm thinking we may see some weakness to start the week but we won't finish that way.
I think as soon as we make the next high we're gonna start heading that way. As far as timing goes until we start getting heavier volume in the further out month options not sure anyone can make that call with any real accuracy.
That's probably why it didn't break support, cause of the MM's holding trades.
Bof A says CL at $41 by end of June, we could have told 'em that.
Wrinkles and I were talking about that earlier, just a slow meander down to support on low volume. It's like a game of chicken to see who blinks first.
I've got all the NUGT and JNUG I care to have at the moment. It's probably what I should be playing anyway but I'm starting to sharpshoot whatever is still out there that looks right. So basically I'm covering my bases and playing the field at the same time. Honestly I don't think it'll matter much early on but I guess we'll see.
Good to see ya, thought you got lost or WORST.
XXII with a huge day.
Thinking we still have 2 more lows to come in ES before we start moving higher.
Well it was bullshit but BS or not we really really don't want another low below 2.02 right now.
Oil is going to sucker longs in, it didn't go down far enough to confirm a move lower. I can hear it now and all weekend at that. Wow did you see the support, man this is great, we're going to $70, NOT.
Gold and miners are ready IMO.
I have to agree with you on /NG, broken support or not it's looks weak and not what I'd want to see at this point in the move.