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Nat Gas is green but I still don'y like the wave structure. This is clearly not an impulsive move, yet.......
What I say for Oil, $48?
No worries, it's all good.
Gold can not afford to give up much more room here.
Ok so I'm reading what Rose posted about April being a weak month and I'm looking at my chart seeing a $5 run that started, when? Oh yeah, April. I'm also seeing a very well proportioned Inverse Head & Shoulders with the right shoulder bottoming out almost three years to the day the last run started. Anyway that's all BS, what we need is another high over 2.512 before we break 2.501, that would be a lovely start to the week. Right now all we have is a three wave gap fill so hoping this pattern fills out a little bit and gets the shorts thinking we have a bottom.
Have AG on my list as well but it could be time to look at GPL again. GPL is either a love fest or a brow beat so it's just a matter of taking it's temp before deciding to play. I actually like CDE and EXK. Also hold a few shares of HL. If you do play PZG I'd be careful Wednesday morning. The Spin Co spin off date of record is tomorrow so the date to have bought was Thurs but some of these knuckleheads will use the day after to try and short it.
Thought this was a interesting source.
http://www.marketwatch.com/investing/crowdnetic?page=dashboard
Gold and silver both look good from here.
Good Morning EST, Silver is looking exceptionally bullish this morning and is telegraphing a sharp move to the upside. Let's see if it can take off just about $16
ES could be the start of the move lower we'll see here in a minute.
Man I hope Nat Gas just bottomed.
Serious business guys, I've held off on my ES update because I wanted to see what happens at 2098.
This is one of those things where it's either going to work or I'll take a small loss on the new shares. Not going to hold if they intend to take it lower but anything under .20 just doesn't make sense to me.
Keep an eye on ES, it has some major resistance just ahead and a pullback here would jive with the VXX chart.
Did they turn the 1 minute charts back on? I mean are the 1 minute charts back to being auto updated.
Wow, where do I start. First the chart is not as bad as everyone thinks IMO. As a matter of fact I think it's bullish. I know the a hard pill to swallow but my target since $5.65 was .20. I just didn't think it was going to get there. I like the way this is setting up and it's ratios are almost perfect, meaning I think a pump is coming and they're setting up the movement structure for the algos. It's s damn share that we have to compete with computers but it's a fact and those that don't realize it are going to get left behind. Also take a look at the volume since mid-Feb, this only goes to further prove my point. . The average daily volume has increased by millions per day, MILLIONS. Why? We'll it's not because of their stellar financials but I believe that's about to change. If you're know all up in these guys business you'd never know what's going on here. Listen to the conference calls and I think management knows they bit off more than they could chew and made some decisions that'll actually work IMO. Also the CEO is not some smuck that too arrogant to admit this company needs to come up with a new recipe. That's the ticket I'm buying. It's not if they can do it or not because frankly no one cares but if traders/investors can but a rumor about them righting the ship RGSE can attract the type of volume it used to. You also have to remember that RGSE made a lot of money for a lot of people so I'm sure bringing those guys back for round two won't be all that difficult. Finally and probably most import is the risk vs. reward ratio is ridiculously in the traders favor if this is played correctly.
Take a look at the bottom if the IMRS chart. I can't tell you how many runs, both higher and lower I've seen start with two candles like the two lowest ones on this chart. Chopstick anyone?
Here's a few that came up on a few of my scans.
4-13 Watch List
INUV: For those of you that are interested I'm going to show you how to measure and project price corrections. This is exactly how I got started using Elliott Waves and while I had to go through hours of chart work I'm going to cut through all that and get right to the meat and potatoes. If you don't overthink this it'll be a tremendous help to your charting skills. Just roll with it and try not to let what you've learned before stand in the way of you using this method to quickly identify support/resistance and possible targets. We can work on this for as long as it takes I'm in no hurry but I promise you if put just a little effort into this you'll be amazed how accurate it can be at times. I choose the INUV chart not only because I'm playing it but also because it's soooo damn pretty.
So I'm going to post a series of charts and just follow along with what I'm doing. I know some of you may not believe in EW or could care less but you can't argue with it when it works because it works great if you can put it to use on the right chart.
This is the daily INUV chart since the low at .40 I can see a three way move higher which I labeled A and I can also see a three way move lower which I labeled B. Like I said don't over think this and start getting in theory. Just look at it and you can see the three way moves. Look at A and then B.
With your fib tool measure the length of Wave A
Take the fib measurement of Wave A and project it up from bottom of Wave B.
So now you can come up with some basic price projections. Remember this because it's true many many more times than not. C=A or C=2A. So C is either 100% of A or 200% of A
Once I get my measurements I just make the 100 and 200% levels so the chart doesn't get too cluttered.
Now that we have a C wave target we can start to measure the C wave and pinpoint entries and exits. The C Wave is a typical 5 Wave impulse wave that we see all the time so there's nothing special about it but I'm going to stop here for now because I don't want to overload one post. If anyone is interested in the follow on steps let me know and we'll keep going.
Here's a little more for those that want to start learning how to measure a 5 wave move.
Now we're going to measure the C Wave to see if they jive. This is important because it's also how I determine where to scale in/out and set my stops/take profit.
Just like you measured the A wave and projected it up from the B wave this time we're going to measure Wave 1 and project it up from Wave 2.
Now we've measured Wave 1 and moved it up to the bottom of Wave 2. THIS IS IMPORTANT I want you to take a look at the top of Wave 1 and you'll see that the top of Wave1 is now at the 61.8 fib level.
This is a perfect case here and one that I almost always add shares if I'm scaling in. Or if I missed the bottom this would be my first buy. So best case my first buy/add is the 61.8 retrace level of Wave 1.
This is your opportunity to ask questions if you have any. I'm only doing this to try and help you guys so if you don't ask questions I'm going to assume you don't have any, lol... Also If anyone is interested in continuing let me know because I'm know going to continue if not.
INUV, if it can hold $2.56 I think it can see $4 before the next pullback. Just my opinion of course but that dip got bought hard at the bottom. Good Luck Orions.
INUV, if it can hold 2.56 I see $4 before another pullback. That 4th wave drop measured out almost perfectly. Looks like it could have been a hard shake before the next move higher. It could also be a 2nd wave and id we end up getting an ABC $2.27 could be the buy point. However $2.56 is the key at the moment.
You may want to give this a read, I send time in chat with Ben and have to say he's pretty sharp when it comes to metals.
http://seekingalpha.com/article/3063576-its-time-to-buy-gold
All of the weekly updates with charts will be in the stickies as soon as I get them done. That way they'll be right there throughout the week and you can pull them up for quick reference. That was a good suggestion by the way.
Weekly Update 4-13 Gold/Silver/Miners
As far as gold pulling back again I'd have to say I'm about 60-40 for the pullback but it should only pullback to slightly under 1200 and that should happen before the markets open for normal hours. I should also note that if it does pullback we'll be starting a 3rd wave and I think a dip below $1200 will be forgotten very quickly. Personally I hope it does because as you can see a move straight up from here will most likely end sooner than if we get a small pullback first. I said most likely, not will, so like I said let's hope we get it just to be on the safe side. As far as me looking higher as long as we hold Thursday's lows we should have nothing to worry about. I'm about as bullish as you get on metals and miners right now. I can't support this strongly enough at the moment and I'm not alone in the Elliott Wave community. While there are differences in how long and how high just about everyone in in agreement we should see higher prices.
Strangely, silver looks like it still could drop a little more before moving higher so that's why I'm leaning towards the slight pullback from gold.
GDX, the picture is clear and as you can see the two boxes represent the two possible levels gold could hit. I've been in the higher box from day one and I was one of this first to call this move. I do have to consider the bottom box as a target because it's valid as the bears have pointed out repeatedly. So that in itself should tell us to look higher if the bears are even considering a move higher albeit much smaller than the bulls are calling for.
So again, as long as gold holds Thursday lows we should be "GOLDEN"
I actually have this one on my watch list, can't remember why but's it on there. Without even looking at the chart my play sheet says either 1-2 LD so basically it's bullish but if you're serious about buying it I'll take a closer look and see if I can get some better targets for entry.
Nat Gas/NG
I don't have a lot to say that already hasn't been said. We have enough waves in place to finish the downside move and the four red lines you see are possible downside targets if it extends. Bottom line upfront: I think this is the bottom of a long term trend change. My only concern here is if it ebtends down into the lower lines we may see a large 4th wave with another low to follow but we can't play it like that we we'll get left watch a major move sitting on our hands.
Gold
That move down to 1192 was a few dollars lower than I expected but this is not an exact science. Nothing has changed with my original call. I think gold is still going up to $1300 and I also have a good idea now how it's gonna get there. I suspect we'll see one more dip below $1200 before take. This time it should only break $1200 briefly before $1230-$1204, if it doesn't break $1200 again I'm going to have to lower my upper target just a bit. However if it does it's s buying op IMO. Please ask any questions you have not because I may not be here Monday morning, just not sure yet.
I got a questions about gold yesterday but I was unavailable. That move down to 1192 was a few dollars lower than I expected but this is not an exact science. Nothing has changed with my original call. I think gold is still going up to $1300 and I also have a good idea now how it's gonna get there. I suspect we'll see one more dip below $1200 before take. This time it should only break $1200 briefly before $1230-$1204, if it doesn't break $1200 again I'm going to have to lower my upper target just a bit. However if it does it's s buying op IMO. Please ask any questions you have not because I may not be here Monday morning, just not sure yet.
Good Morning EST, gonna be a little late today but I'll be in about 10:30. Good Luck until then.
Gotta get some rest, see you guys in the morning.
Speaking of a 3rd wave gold is in the process of finishing up the 2nd wave and we should see the 3rd wave start soon. I have a possible low of 1189 as the very bottom of my target area. Honestly I didn't expect it to come back this far but then again I didn't expect the dollar to start moving up so quickly.
As far as the ADX goes I drew the circle over the bullish crossover but what I was trying to point out is all three are in a tight group and the cross just happened right around 20. That's where new trends usually start from and what ever color is on top is usually the the way the trend will go. So what we're seeing here is the downtrend is mediating and starting to change directions. So in other words the trend is leaning to the upside.
Nat Gas is starting to move a little higher, hoping for a gap in the morning.