Held! Wave A and B are in place and a start has been made on Wave I of C 25.70 and 25.54 are targets for the first wave. I think this will run down until Thursday or Friday. New Moon is Saturday March first. I plan on waiting for price to come to me. 22.64 / 22.54 / 22.19 ??? and take the ride 22.50 ish to 27.25 . . . had losses the last couple trades so need the next trade to be a good one .. don't we always?
Good Call kazansky, close enough to 26.00 to count. Lost my bets on the 25.00 puts. Have a Great weekend All Dave 3444
I see a H & S, grin in EW a i ii, 200% points to gap fill at 24.72 . Likely all the time we have for, should be a stop along the way , iii, 25.11 ?
The CME's Daily Delivery Report showed that 145 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Monday. The short/issuer on 140 of those contracts was Barclays. They also stopped 50 contracts as well. HSBC USA stopped another 65 contracts. The link to yesterday's Issuers and Stoppers Report is here.
There were no reported changes in GLD on Thursday---but over at SLV there was a big surprise in store. After a huge deposit of 3.85 million troy ounces on Tuesday, there was a big withdrawal of 2,212,315 troy ounces yesterday.
The only answer I have for this, is something that Ted Butler has been talking about for the last couple of years. He suspects that a big buyer has been purchasing shares by the truckload [read JPMorgan Chase] and has been continuously redeeming their shares for physical metal so they don't exceed SLV reporting requirements. In a nutshell, this means that JPM is using SLV as a vehicle to load up on the shares---and the physical metal at the same time---without having to report it to anyone. This is over and above what they show in their Comex-approved depository.
This may also have been what's happening in GLD since the start of they year as well.
Yep, crazy day! a penny higher than yesterday, but on about the same volume. A penny higher on lessor RSI, Hourly RSI 81 back on the 14th and Hourly RSI 54 today, likely still due a retrace, but not in time for Opex.
Thanks sandybeachdave, conviction not always right, no ones is, but will post what I see, hope everyone just takes what makes sense to them. Expecting 24.55 and a small retrace by the close or maybe just a double bottom at 24.80 and a bit of retrace. 23.70 tomorrow if my puts are to work out well. Here at 25.73 is the 78.6 retrace is the classic place to short ... give it a few minutes to see if it holds
Just used a Quad tool to divide the range into 1 / 4 s . . . 21.26 to 25.98 The top three quadrants seem to divide the range into the A B C retrace down to Wave IV, easy calculator problem, just didn't know to do it until today . . . see if it plays out. moves IV down to 22.45
borg, still in wave A of an a b c retrace from wave III at 25.98, Wave IV shouldn't move below 21.32. If we get an C = A retrace a number set to watch is A= 23.70 , B = 24.71 and C is wave IV at 22.51 , A = abt 200% of the current wave down from 25.98, will be working on other number sets as price develops. Wave A itself must be an a b c subset with the c extended 1.62 X the wave 25.98 . . 24.80 , some distortion since the wave didn't completely fill the gap.
Price moved to gap support and we got a small retrace. . . . the i ii of III of C, the iii of III should give a gap down in the morning. 24.54 is the logical place, about 40 cents, waiting to see if its a gap and run, would show the weakness we need to run down into eod opex Friday
An honest look at income tax and sales tax per county and / or state would likely tell a complete story. Add % of population on food stamps and the picture would be complete. If "news" stations like cnbc wanted to figure things out instead of just repeating the government lies they might be of some use.
162 fib points to gap fill . . 24.80 , , ,perhaps 24.80 and small retrace for i and ii of III of C of the retrace. A = 25.41 and B = 25.68