MQP INFINITE REGRESSION #006-1 DIE GOLD DIE, BEARS LIVE FOREVER!
It's over. #004 & #005 are dead.
Notes:
1. I couldn't make GDX agree with GLD, but now I can say for sure that it ABSOLUTELY DISAGREE.
2. GDXJ even worse.
3. I HAVE NEVER SEEN GOLD DO WELL IN THIS SITUATION.
4. I wrote in #004-11 that I ABSOLUTELY NEED DX1! (US DOLLAR INDEX) to give me volume confirmation.
5. Now I don't think that this is even possible before 8/6, there's just not enough time to unwind the volume curves.
6. Reran every angle of regressions from the ground up with PIVO, and I can say...
7. We are going to retest 1675.
8. But that's not half the problem.
9. This retest will absolutely destroy the long term regressions that are the foundation of the current gold market.
10. I can't see any reason to say we can't hit 1610-1620 from a technical point of view.
11. The only reason I am not calling for 1610 is I DON'T THINK WE CAN FALL THAT MUCH BEFORE 8/28.
12. Obviously, the 50x-100x trade I had in mind is now dead.
13. The trade is reversed 180, w/ GLD 8/28 puts at the money, entry should be closer to 8/6.
Notes:
1. I couldn't make GDX agree with GLD, but now I can say for sure that it ABSOLUTELY DISAGREE.
2. GDXJ even worse.
3. I HAVE NEVER SEEN GOLD DO WELL IN THIS SITUATION.
4. I wrote in #004-11 that I ABSOLUTELY NEED DX1! (US DOLLAR INDEX) to give me volume confirmation.
5. Now I don't think that this is even possible before 8/6, there's just not enough time to unwind the volume curves.
6. Reran every angle of regressions from the ground up with PIVO, and I can say...
7. We are going to retest 1675.
8. But that's not half the problem.
9. This retest will absolutely destroy the long term regressions that are the foundation of the current gold market.
10. I can't see any reason to say we can't hit 1610-1620 from a technical point of view.
11. The only reason I am not calling for 1610 is I DON'T THINK WE CAN FALL THAT MUCH BEFORE 8/28.
12. Obviously, the 50x-100x trade I had in mind is now dead.
13. The trade is reversed 180, w/ GLD 8/28 puts at the money, entry should be closer to 8/6.
Note
**** HOLD ON, SOMETHING IS NOT RIGHT... I AM GETTING COMPLETELY DIFFERENT THINGS SINCE THIS MORNING. ***Note
**** DOUBLE CHECKED MY WORK, IT'S RIGHT, WE ARE GOING DOWN. ****Note
Note
CHART ABOVE IS ABSOLUTE LAST CHANCE FOR BULLS. RIGHT NOW, IT'S A DOG.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.