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Wednesday, October 23, 2013

GDX ,IWM

click to enlarge
Tuesday was exciting for gold stocks,some broke above the previous [ii] wave that was labeled and some did not. The prices in those that did break through need to hold a sub wave a-b that I have highlighted in turquoise. I show the GDX but others such as ABX,IAG have the same wave form.If it doesn't hold it is probably a sub-wave II down. The HUI has the very same wave formation and needs to hold above 225.or it turns Bearish again. I'm watching to make sure Gold doesn't reverse and bring the party back to the Bears.



I found something interesting working with some longterm charts. IWM  wave III occurred at 113 weeks.
The amount of Price was 52.55 from the bottom. Drawing Fib projections from the Primary waves a & b , III & IV  and the primary in the extended  V wave, the projections converged at the 113-115 price area and we are now on the 107th week. When adding 52.55 to the wave IV you get the Price of 113.47. This week  Is significant on the square of Nine as it is on the same degrees line as 113. All of the indices's have the same Trading day count (which is contrary to the calender days I Posted in an earlier Posting ). If you pull the Fibs for the DOW you will see higher levels but the sideways action where it is at has a lot of LT Fib's congestion. Just an observation.

WEAT  is a wild looking chart compared to the wheat futures contract. I didn't purchase much mainly because of thin volumes. I use the Futures Chart to trade this, it is more of an experiment using the Hexagon Chart Timing  to see how well it works. Early in the day it was looking like a bust and then whoopee, what a roller coaster ride.

CORRECTION EDIT : this week is on the northeast cross on the square of nine. The week of 11-15-13 is on the opposite of 113 weeks.


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