Peter:
I waited a while for your reply last night, but you were talkin to everyone and I know trying to catch up on your reading. My how the tables have turned from winter to summer as you now have the time and I don't. Good thing I'm position trading and not daytrading. Gold on a bit of a run now up $2.20. I'll be here for half hour otherwise call me if we get a serious run.
Re: PAA
stockcharts.com[m,a]daclyymy[dc][pb50!b200!c4!c9!c18][vc60][iLb14!La12,26,9!Lh14,3!Ll14!Lc20]
Should have posted a little longer chart like above.
If you look longer (3 YRS) you'll see how prominent that double bottom is in Jan and Apr. You'll also see your favourite M pattern in between. The spike in May of course is that unleashing into chaos what had been an orderly advance in April, as markets cannot be totally orderly. If we could find a program that could take Stockcharts graph and extend it as a blank graph so we could make several projections like we have discussed, the worst case senerio is that the spike was a left shoulder formation followed by the advance now taking place to a head, followed by another shoulder trying to fake everyone out (or rather in) and a total retracement to $2.50. Of course we could keep going straight up, or at least have a bull market same as techs did for three years. Either case, good position trading ranges. This may be an example of silver leading the way, followed by gold stocks then bullion and the three of them rotating around during the advance.
Gold now down to +1.50 as I write. As for the TA indicators, I'll make a few comments but leave that analysis up to you experts. The +DI has just turned down a little as the previous high was taken out this week and it may turn up and down to test and perhaps retest this high. ADX is up and at 40 humming along nicely with plenty of room to get to 60 or so. MACD turned up and crossed a little bit ago and still has some room to run. CMF itty, bitty green, but Slo Stoch looks overbought. 2 out of 3 ain't bad. Nice and steady volume during this run up.
Regards
Bob
Edit: Also wanted to mention no gaps. |
