Hey Sharpie, my hats off to you sir. You explained and articulated the EW emotion, wave counts, patterns, and remaining basics listed above extremely well! Great job my friend of explaining the gist of it all very succinctly and to the point. Great Job Sharpie!!!!!!!!!!
NOTHING EVER HAPPENS WITHOUT A CONSPIRACY.
The term "conspiracy theorist" is used to demean people that actually think about what goes on. Instead, it likely indicates a superior intellect.
Tried to warn the retail baggies that Seeking Alpha always times its bogus gold and silver pump pieces just ahead of every gold and silver massacre LOL
And as per the norm, SLW failed as a flight to safety again during yet another financial storm.
Thanks Sharpie for your thoughts. I was thinking of bigger fish than normal market participants, that being the major owners of the fed acting to accomplish directives of TPTB. It sounds a bit like conspiracy, but given everything else done or not done by our government, I just cannot get it out of my head. When the market overruns these knot heads, the rewards for longs is going to be serious.
I'm moving up the date for a top to 7/24.
After Yellen speaks Tues. at 10 a.m, we should rise and continue rising into a top on 7/24.
I'm talking about SLW in these post.
The suckers were in, the RSI had toped , The JP Morg or whoever knew they could force price lower so they did, the time was right . . likely they have the platform to tell Soros was buying and could tell when he stopped, once the buying weakened, no problem selling into weakness.
Manipulation such as the sale of $1.3 billion dollars worth of paper gold at an illiquid time period today is not to protect the dollar or bull the general equity market. It is to make money for the manipulators that want here to cover their shorts and initiate to expand their long positions. That sale was a pure construct as there was no news to sustain the sell or to initiate it in the time span of its occurrence.
Long term cycles in gold are in the process of turning long term positive. That is fact. There is a strong possibility that this is the last take down before gold trades at a new highs. I feel this is the situation.
By Robert Baillieul - July 14, 2014 | See also: SLWSLW
No doubt, George Soros is one of the best stock-pickers on Earth.
In 1973, he founded the Quantum Fund. Over the next two decades, Soros went on to generate a 30% compounded annual return for his investors. Thanks to that type of performance, he has cemented his place amongst investing legends like Warren Buffett and Julian Robertson.
Because of his exceptional track record, I always pay close attention to what stocks Soros is buying. Right now, he’s making some interesting bets on the Canadian mining industry.
This “mining” company could double your money
In recent quarters, Soros hasn’t hesitated to express his concerns about fiat currencies and his preference for hard assets. That’s probably why he has accumulated massive positions in mining companies like Barrick Gold, Goldcorp, and Yamana Gold. These metal producers are leveraged bets on higher gold prices and a hedge against inflation.
He also just picked up a new position. Buried inside a recent 13-F SEC filing, Soros disclosed a $9.1 million stake in precious metals giant Silver Wheaton (TSX: SLW)(NYSE: SLW
Cowboy, if the count is right the ii ate up a lot of time today, the iv may be short in time and a deeper retrace than the ii. Or short in time and the retrace amount.
At least if anyone can, they keep their secrets.
And Astro seems to change emotions and tie in with the fib numbers or at least help time the events.
But I've said it before, One of EWs better uses is to be able to communicate price points to others and the fib numbers allow one to predict price to within a few cents, we have seen Cowboy do so more than once when he was working hard. Beyond price EW aids in predicting wave time once the first two waves are in place, for example, if wave 2 is short in time , wave 4 is likely to be longer in time , and often, but not always wave 1 and wave 5 will be close to equal, etc. The reason I post this stuff is to let others see that there might be something they want to learn, Yep, know its not for everybody. , grin , and to learn things from the other posters. I try to give my far share of ideas for people to think about.
We saw an good example of the wave 5 emotions last week, if you can remember the posting, A lot of people were talking 32.00 to 38.00, seemingly in a week or less, not to fault, its just human nature and I was early buying my puts. Oh well, we all try harder next time to get it right.
SandybeachDave, of course the market is manipulated, that's what makes it a market, not just the stock, people hold product off the market, dump product on the market and subsidize product and sell it below normal market value .. I'm sure a book could be written on the details, BUT human nature decides when they do these things and there is a progression of feeling that form the 5 waves and 3 waves, when they are there, sometimes the market just wanders along without much direction and the 5 waves and the a b c's don't form any real pattern. The EW experts know this and they only trade the stocks that have EW patterns they understand, or at least they think they do. No TA works every time,, but it works most of the time and is worth learning and there seems to be more to learn as one goes along. Wave one -people realize the trend has changed, Wave two, people have doubts and /or price has hit resistance, Wave three most people realize the trend is in place and panic to either buy or sell so as not to miss the ride. Wave four the smart money and large volume traders start getting out, and wave five is the late comers and suckers buying or sellig not realizing the wave either is or almost over. I'm sure someone else can describe these emotions better than I in fewer words, but the point is emotions are at work and can be observed and even measured in the market place. But one can't be very sure where a wave will stop, here the fibs play a part, not to tell where the price pivot will be, but to tell where they are likely to be. Once one knows where the pivots are likely to be then support and resistance levels help decide which level is most likely, on and on it goes, trendlines, Gann Squares and angles, Square of Nine levels and such help. Yes, breaking News can and does change these emotions and end wave and change trends, but often fib time predicts the time of the news release, A lot to keep track of and none of us can do it all.
I appreciate the tenacity you fellows put into the EW analysis, but I cannot get out of my head that the action over the past trading day, particularly with gold and silver following, smells more like manipulation than response to weighted input from free market traders and investors. Any thoughts?
Hey Sharpie. I like your EW count above as that's the count I have too. We have a Wave 3 of C down very likely tomorrow, but that W 3 will be a five wave sequence which will include the long timed vertical wave iv after this deep initial iii drop in the morning. So, my guess is that we take a dive to 25.70 in the morning and then a slight retrace (w iv) up and maybe in the late afternoon around 1:00 pm cst or later could start that w v drop to the 24.97 level. Although, w iv might last all afternoon too. Hard to say, but either way, I think we go down at least .50 - .80 cents in the morning.
All I can say is this: tried to warn all the retail baggies that the ongoing FAILURE of those key gold and silver JUNIORS (e.g., Great Panther, Alexco, Richmont, Almaden, Goldenstar, etc.) that served these past few years as PERFECT FORECASTERS of the ongoing BEAR MARKET DOWNTREND in the sick sector PROVED WITHOUT DOUBT that ALL recent green action in this SLW tragedy proved to be BOGUS DEADCAT BOUNCES, again, contrived by the gold and silver CALL WRITERS at the oily banks and funds to SUCKER even more purchases of ultimately WORTHLESS gold and silver CALLS.
FACT: all these rotten golds and silvers FAILED badly as "flight to safety" vehicles, during each and every genuine Dow and Nasdaq storm, and that proves they are truly WORTHLESS!