Thursday, February 25, 2010

COULD IT BE GOLD CORRECTED ...updated I

I will post confirmation as it arrives......hehee.....but Ricks picks says it might have.......BTW...my opinion is gold has further down...lower lows lower highs...and watch the 5/15 next 3 days for bearish cross.

According to the Hidden Pivot method, this is exactly what should occur when a corrective cycle ends. This correction began on December 3 from within four ticks of a $1227.50 target that we had projected several weeks ahead of the turn. In normal fashion, the correction until yesterday had traced out ABCD patterns that either reached or exceeded their D targets. However, this most recent ABCD downtrend failed to reach ‘D’, reversing exactly halfway to the target. And that is precisely what we expect a correction to do when the dominant trend is about to resume.



We should like to see this pattern repeated fractally in minor time-frames for the next couple of days before we sound the all-clear. However, based on the evidence at hand, we are recommending cautious buying at these levels, using the “camouflage” entry strategies that are at the heart of the Hidden Pivot method.

http://news.goldseek.com/RickAckerman/1267167840.php

Something I am watching closely and Joe has talked about....

http://www.marketwatch.com/story/gold-breaks-the-rules-2010-02-26?dist=goldseek

18 comments:

  1. AIG...says this morning they had 4Q losses and will need more help from our govie...hmmmm, did they just pay out bonuses? Is this insane or what? If this were a company we worked for, not only would there be no raises, NO one would get a bonus! Hell, you'd be glad just still have a job! TexasBlondie

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  2. Sorry, can't type..."you'd be glad to just still have a job!" TXB :)

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  3. AIG is a most favored company

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  4. Analyze,

    Same old story, PBR doing well, hope you made money from it.

    joe

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  5. TXB.....this is the "tip" of the iceberg....wait unti the iceberg emerges....that's where the real struggle is.....lets start with the "bond bubble".....omg

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  6. Analyze,

    Also if you recall when SLW made the turn from low 14s yesterday, I mentioned it to you, today is the follow up, bingo!

    joe

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  7. DTO in tight trading range today making nice lil scalps...

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  8. Joe, that is the path - many other positions in general are flatlining or degrading today with little emphatic movement. I bet they leave this in no man's land for end of day. - Analyze.

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  9. Will need to check the COTs later today to see what commercials have done with their PM and dollar positions. Will give some clue as to where PMs are headed.

    -C

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  10. who's keeping a lid on AUY? stock's been supertightly range-bound the last hour? - wolf

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  11. accumulation by the big boyz....the bottom process appears to be playing out....ahort term should see a move down....but depends on USD

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  12. Agreed, down should be the bias here or a chop- and-slop top leading to eventual down, I cannot trade Mon/Tues due to other commitments so hopefully will not miss much. The market is always there another day. Sometimes a break is good, helps condition one to not forcing trades by breaking the slot machine trance. Also helps to reset objectivity if anyone is struggling to find trading or market rhythm. Too much time spent with analysis can be the same as too much money in, it is easy to be over-committed to lose perspective. That leads to the fear factor or tight feeling if you cannot pull the trigger on entries. - Analyze.

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  13. COTs show big increase in commercial gold shorts and decrease in longs. Is this positioning for future moves or an attempt to contain price from moving up? Who knows? Info is from Tuesday so rise in gold price over past 3 days could be covering shorts just the same.

    Nothing noteworthy regarding silver and dollar COTS.

    -C

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  14. COTs are part of a desperate struggle to retain control of fiat....hard to fight them in the past with the Fed supporting...but now the GS boyz are weakening with the strain of holding the Ponzi up.....Big buyers overseas are buying gold on every dip and its costing these guys dearly.....Joe can comment further...but my guess is when it does unwind it will get ugly fast

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  15. http://timeandcycles.blogspot.com/

    3/4 he says is a top

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  16. Friday night music post:


    Bobby Vinton
    http://www.youtube.com/watch?v=UIUlWZHlXSc

    Fats Domino
    http://www.youtube.com/watch?v=YXFjxbBQEdM


    Belinda Carlisle
    http://www.youtube.com/watch?v=EEnbPy_ixb8

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  17. Kli and Joe, we are entering the tough phase of 2010, this is the time when the good traders flourish, and the also-rans die out. Joe, thank you for your continued encouragement and mentoring. The best thing you said to me recently was in as many words, stop worrying about next day targets, trade to the price action you are given. This removes angst about tomorrow, and frees one up to just trade, rather than to project, or to be confused, and stare at their screen in disbelief when the market goes contrary. I had to laugh once when I saw a post by someone, that in as many words said: I worked through every T/A book on the market for years, but after all that, ended up knowing I had to trade to price action. It all pretty much comes down to that. The only caveat is that you need to read all those T/A books in order to really see what price action is;; - Analyze.

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