Sam, From all my research, I believe $1185 give or take, may be as low as they can take it, unless India bans gold imports. Quality miners are holding up well, there is a point where they become fair valued and I think we are already there. Traders are figuring out what is going on and holding tight for the inevitable rebound.
The shape and flow of waves up and down are pointing to another drop to the lower targets into December. The resistance shoulder zone above might be a big danger zone for the next Cartel attack when the time comes (2017 ?)....
Theres good (technical) reason to buy some at the next lower targets...but equally good reason to sell some at the next resistance shoulder in expectation of the same manipulation games that have been played for the last 6 years.
I cant speak to how the 3X bullish ETF (JNUG) will move,in its distorted patterns,but the GDXJ is easier to examine. As messy as this chart construction becomes when you place all the necessary arcs and lines on it to see the complete Fibonacci geometric picture.... it is showing the sharp targets crafted by mathematics,and the geometric shape in time, the pieces fit together in the Fibonacci charts...the targets at the next lower station look ok to me as dips to buy in December. especially in Gold and Silver. The miners are always much more volatile as you know.
The wall street manipulation game might not yet be finished slamming metals and miners down. They still have plenty of time to take things lower. and its clear they still have the power to do it.
The buy the dip motto for this giant 2016 rally is shaping up to be what I expected..."wait for the 50% Haircut". and here we are,some have made it already, some are almost there, and some(like Hecla,) haven't woken up to the reality yet. Maybe the Cartel "likes" some select miners...cold that really be ???? Maybe there is a 'special portfolio' of investments taylor made for the Elite... I can think of no other reason why there exists a select handful of 'special' miners that have been acting always "magical" in the face of total sector collapse,and even now,as this big pullback becomes the 50% haircut I expected, look at the select few that are staying in the top zones, (HL) or established much higher bottom bases (MAG)in early 2016 at the January bottom, when EVERYTHING surged at the same time. ...versus those who got Hammered way lower (Silvercorp)like they were not the Elites favorites,at the bottom to start 2016,and then at the top in August, (First Majestic,GG and EGO,got Hammered etc... there are some differences like this,among the select miners. and a mysterious few have simply acted magical.
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