How to invest in an early stage bull market like the PMs
Chris Temple recently wrote to his subscribers that he thinks the precious metals and stocks will have a little pullback in the near term. This comment got us on the topic of how to trade a market like the PMs which seems to be in an early stage bull market. We also look ahead to the major drivers over the next two weeks of the ECB and Fed meeting. Watch how the currencies react most closely.
Click here to visit Chris’s site and follow along with his model portfolios.
Gold is fine…………
/GC…daily gold for my 2 cents….7th wave up with RSI(14) divergence…Confirmed the wave 6 hanging man reversal candle on wave 7 reversal…Initial TAS support at 1421 plus OUL at 1432…Gold must break 1392 TAS profile bottom for the 1336.60 Tom Demark support trend line support to become the next target…If that level fails next target is 1280.5 initial Tom Demark breakout bar…..Just an opinion…I think 1225 on weekly is the actual buy!..It eventually gets tested
I’ll stick my neck out a tiny bit and predict that 1225 never comes close to getting tested.
I’d be surprised if 1300 is broken.
Ditto……….$1307……….
Me too. The action is better than most people think so a very deep correction will probably have to start from a much higher level. It is for good reason that most who attempt to actively trade a bull market become roadkill.
Obviously, profit-taking and/or rebalancing along the way is wise.
Look at this stage I gotta agree with you Matthew. If it were to happen however, that would be one depressing bull-trap for the PMs.
/GC…topping signals on weekly…AB=CD completed…Tom Demark sequential 9 count this weekly…of course 2 daily closes over 1434 monthly resistance is very bullish
GDX is doing the definition of a light volume retest right now….Market makers are done tomorrow hedging their exposure…The short is now or tomorrow…so i go half short…i wish me some luck!
Your short goes well with some annotations of mine that were drawn over a week ago:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=4&mn=7&dy=0&id=p91186593867&a=631002072
Some fork resistance also supports your decision:
https://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=5&mn=7&dy=0&id=p57505783213&a=612640758
Matthew – What do you think of today’s action in Impact? It topped the 30 cent high in ISVLF. I have already taken some profits, but thinking about taking some more and re-allocating.
No matter how I look at it, I think it’s going significantly higher before we see a meaningful pullback.
ISVLF weekly:
https://stockcharts.com/h-sc/ui?s=ISVLF&p=W&yr=4&mn=0&dy=9&id=p75030271177&a=677775870
IMHO there will be a small break now and a smash of the upper fork tine. SCZ has been awesome too. Same applies to it as it puts up a cup and handle formation.
I have been waiting to see this too.
Daimler to Produce Crypto Hard Wallet for Automotive Industry
The wallet has implications for ride-sharing, autonomous vehicles, and on-the-go payments, according to the company.
https://www.coindesk.com/daimler-partners-with-riddle-code-to-produce-automotive-hard-wallet
Thanks Matthew. I will sit tight for a while and enjoy the ride. You have got to love Andrews Pitchforks. I wish that was a technical tool my broker supported.
I wish stockcharts supported forks other than the Andrews so I wouldn’t have to improvise.
This site offers a lot of tools:
https://www.tradingview.com/x/mt8rL41P/
This is an Inside Pitchfork:
https://www.tradingview.com/x/ObCNXusH/
Here’s a Fib Speed Resistance Fan:
https://www.tradingview.com/x/3hQ1qUZ3/
Silver is at a Pitchfan resistance:
https://www.tradingview.com/x/CIPcTsTF/
Silver tried to escape from a Modified Schiff Pitchfork on Thursday:
https://www.tradingview.com/x/08PTCy5H/
CBP rebuked by watchdog, whistleblowers for ‘failure’ to collect DNA from migrant detainees
https://www.foxnews.com/politics/cbp-dna-migrant-detainees-watchdog-whistleblowers
near tops make your stops 1.278 of the average true range added to the closing price…Then no worries at all…normal stops are 1.618….
glta
thx chris/cory