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Gold-/GC No change, still looking for 1190-1200+ and a final dip to 1170 before continuing higher.
Oil-/CL Long Long Long
GDX-While I can't say with any certainty that this correction is completed is does look like it could be. I'm going to watching to confirm that's the case but it just barely made it into my target area so we could see one more push lower down into the $18.30. Either way I still have a $23ish target and also have no reason to believe that won't take place.
Nat Gas futures rollover completed last night and the gap on the open threw a wench in the works and mucked up the water a bit.
It did not invalidate the possible completion of the wave 4 triangle however it did bring two of my alternate counts into play. While I don't have any evidence, at this point, we're not still headed up close to $3 I've seen enough of these to know it's a good possibility that one of my alternate counts will come into play.
This is a complicated move so I'm not going to try and explain what I'm watching. However this bounce will tell me all I need to know. Everything hinges on $2.733. We break that and chances are good we continue up close to $3. If not I'm tracking three other possibilities.
I never give direct advice because you can never be sure what you're doing is the right thing but in this case the risk reward ratio is just too good to ignore and I'd hate to see Elite Swing Traders making the wrong decision here. I have $25K on my own money on the table at the moment and I'm willing to take a small risk here to capture the bigger prize. However if you don't have an appetite for a risk on play I suggest you sell on a failed attempt of a $2.733 break.
As soon as I have clear evidence of what's going on I'll shares but for now the only thing we can do is to see if $2.733 breaks.
Yes it is, the rollover last night caused me some concern but I'm addressing everything in my post. I'm still holding just so you know.
It is 2.641 /NG and I'm working on a Nat Gas post right now.
Good morning EST,
For those of you still in TVIX/UVXY I have a play here that makes sense, at least to me anyway. I'll spare you all the abc/12345 stuff. Sell volitility on early morning market weakness. It should unfold much like today but may not make a new low. So looking at from another perspective sell into early morning strength from VXX. I see the markets dipping early and finishing strong, I haven't decided if I'm going to buy back in before the close and hold over the weekend but if not I'll be looking for one more trade somewhere around 2070-2075 if this works out.
So far so good but the fact IWM is in the middle of a pullback could hold it back for now anyway.
UWTI up another 15% today.
LOL, not a chance..........
You're welcome here anytime,
I've never used their regular site but many of my counterparts love the pro version.
So do you have it now in E-Trade?
After looking at todays action I simple can't get back on the bullish bandwagon yet. I'm looking for another a push lower possibly under 2040ES follower by a bounce up to as high as 2075 followed by one more low which has to outside chance of breaking 2000ES but 2020 really is a more attainable goal.
I will
GEVO has earnings after the close. Planning on holding my position through the call.
Going to use this GDX pullback to add to my NUGT position. As long as GDX holds $18 we should have nothing to worry about.
Take a look at the chart I just posted for ES, if it's delayed it should follow the path of the chart I just posted.
Is it delayed?
If this is going lower watch for a bounce to the 2055-2056 area followed by a roll over and drop. We should take out that 2033 number and that would signal this retrace is over.
You're right and when I posted that the move off the bottom looked impulsive but after watching it for a while it made another low and it became clear that it was more corrective than impulsive. Also it was unable to hold the break over 2056. It just doesn't look like it wants to hold this move. I could be wrong but I still think we have one more low.
Watch Nat Gas here, this is a bullish set up and if it starts running my first instinct would be that it's for real.
You know this last move up looks labored. I'm just not sold on a bottom being in for ES. A reversal here and I mean right here, will have me add TVIX one last time and sell closer to 2020ES.
Not to give you a short answer but not really. I'm buying here because it looks like a bottom is forming and I think we're gonna have some news here before too long that will help significantly.
Construction at Pan Gold Project Nears Completion Midway Expects First Gold Production in March
Not trying to call anyone out. You can vent all you like, no worries, have at it.
/ESM5
I just don't think the bottom is in from ES. I see a possible low around 2025-2020. If I'm not here I will be out my shorts and back in XIV fully loaded. Any questions at all about UVXY/TVIX/ES/SPX?
P>S A break over 2056 ES would have me closing my shorts as well.
Wrinkles my friend, I understand what you're saying but I talked about this already. This pullback/retrace was obvious and while it took a little longer to unfold than I thought it happened none the less. It is a normal wave 2 retrace and with wave 3 looming you last thing you want to do is be short. One of my cardinal rules is to never short a 3rd wave and while we haven't started yet "WE WILL". This is one of those situations where you have to take profits and be happy you caught the bottom. If you start looking for more than the markets are willing to give you will pay the price. I'm not saying this to be mean or anything like that, I'm saying this because I don't want to see you give your money away. Don't let your imagination stand in the way of letting you make money. We were bearish when everyone else was looking higher and we made money, now it's almost time to cash out and start looking higher for real.
But just to be fair if we break SPX 2010 I'll relook my charts but I really really don't think this is going to continue past early next week.
What I don't like is the bottoms not in IMO. I agree with you on this company and know much more about them than the average investor, investment grade yes, time to load? I just don't think so. They're in a 4th wave retrace and may move higher but I don't have time to work the charts at the moment. No matter here this bounce ends watch for one more move lower to coincide with oil putting in a bottom, Around $12 is my re entry.
I think we're gonna get an a-b-c move lower. Watch for 1190-1207-1170 in that order
I said gold should top at 1209 but we got close to 1220 so that raises my support levels for the pullback to between 1180 and 1170. I will be going LONG for what I think will be a monster run from that area.
No, waiting on a break of 2056ES but still think we have at least one more low coming.
I'm still holding UGAZ and continue to do so from here out. technically I sould sell on a break of 2.641/NG but I'm confident enough in my bottom call that I'm willing to hold here and add lower. I really don't think this triangle is done yet so I'm very much expecting to see Nat Gas turn higher for at least one more run at $3. If that happens I'll sell but lower has me holding and adding.
What's up guys, have about an hour or so.Any questions?
Jozy Altidore’s last three games, three goals.
Sunderland season: 21 games, one goal.
AXU's report is out and no movement yet.