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I'm very much liking the metal plays and thinking this pullback is a op for my to grab some additional jr exposure.
I'm not switching, trading both
I think we'll see $19 break, like 18.98 maybe. From there it should be a rocket ship up towards $22, IMO. If that changes I'll certainly post it but that's where I'm looking to add miners.
For you guys following SPX I'm thinking 2072-70 is next. While it's certainly possible to see 2095 first it's not even close to being something I would actually play for.
This is one of those situations I talk about here an individual play needs to finish up the pattern it's in before moving higher/lower. All my opinion of course but it's clear to me anyway that it's bottoming.
If oil turns lower here it can accelerate to the downside.
Come on ES, roll baby roll.
If we do get this retrace from gold and oil I'm firmly in the "higher" camp as soon as it's over.
Completely out of UWTI at $3.09, downside risk is too great for me to continue to hold. There's still a possibility we see $55from here but I'll scalp anything else with smaller size plays.
This could be the start of the last leg lower I've been talking about for gold. I'll be adding JNUG at the bottom of the retrace.
This is tell time for CL
DRWI having a big day
So again, oil is close to a retrace but I'm fairly certain that's all it is. This is without question a buy the dip event.
Gold and miners are in a very bullish posture, while I am expecting one more short leg lower it looks being they could explode higher at just about any time.
I have several different counts all converging between 2080-2090 so while I'm not sure which one will play out I don't really care as long as one of them works.
Yes Sorry, I see how that reads, I mean ES lower.
/NG, this is an important pullback. I'd like the see 2.674-2.668 before heading higher.
Watch TVIX/UVXY. I'm hoping this is the start of a large C Wave lower.
It does and it could very will be setting up for a 3rd wave higher. A solid break of 25 could get the ball rolling.
We should still have one more leg lower from gold before it continues higher IMO.
We should still have one more leg lower from gold before it continues higher IMO.
I'd like to see BAA make one more high over .254 before pulling back. That would cement the pattern IMO. I can still make it work the way it is but I'd rather not have to "make" it work. If you know what I'm saying. But yeah NUGT and BAA isn't a bad idea.
/CL is very close to where I expect a pullback. I don't expect it to make it to $54 before we see about a $3 pullback.
MILL has almost doubled in 3 days.
GDX, I'm looking to add miners around $19. Thinking it see's about a $2 bump from there
hoping to see it move lower from here
Good Morning EST, another wonderful day in Trader Land.
"Houston we have a problem". Gold, Oil, U.S Dollar, Markets all green today, somebody is telling a fib.
I never ceases to amaze me how quickly some of these analist can change their opinion. All I did was read how horrible the jobs report was and how we're headed lower in a fiery crash. We'll today the markets recovered, which I said was a possibility and all of a sudden everything is better because the fed said a few words or what ever the excuse was. I always thought the joke about them having prewritten bull/bear articles ready to turn in depending on which way the market goes on any given day was just that a joke. Now I'm not so sure.
So are you saying you can't sell it until Thursday or you want to sell it on T/F.
REN had a big day but it's hard to ignore the improving technicals MCP is printing.
INUV had a huge day. +55%
INUV a huge day.
Whenever you guys look at a move and try to count the waves if the bottom of your 4th wave goes any deeper than the top of the 1st wave you most likely have the start of a correction. There are situations in where the 4th wave can overlap the 1st wave but for our purposes: If the 4th wave goes any deeper then the top of the first wave it's most likely going to be a three wave move and the start of a correction.
Also scaling into UGAZ, just made my first buy.