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Wednesday,May 8th.

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  • Wednesday,May 8th.

    Futures are down 0.50%.Gold is up 3%,oil is flat.

  • #2
    The market rallied off of 2862 support but only to resistance at 2900. A swing above 2900 would probably carry back to and above the recent 2961 top. A drop visibly below 2862 would probably continue at least to 2700 with the usual reaction along the way

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    • #3
      1. Bob Loukas‏ @BobLoukas
        19h19 hours ago

        More
        #Cycles!! #Risk

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      • #4
        QQQ CALLS were closed yesterday at close.

        Comment


        • #5
          Well, it looks like $gold put in a weekly swing low, which further confirms last week saw the ICL. Doesn't mean the miners or silver are out of the woods yet. There is about a $25 range the banksters can play with now in $gold, and even if gold continues higher, the miners and silver have shown they can diverge pretty dramatically (see Jan. 2016).

          I think it is very possible that SIL will take out the $23 level eventually, but we will see. (I'm always suspicious of black candles! As far as I am concerned, the one that occurred back in December tainted the whole rally.)

          I am optimistically thinking that GCC will bottom this week based on the extremely oversold 5 day RSI, although we may chop around near the low through early next week. I would expect nothing less than a V-shaped rebound starting no later that the week after next.


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          • #6
            Futia:

            http://carlfutia.blogspot.com/

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            • #7
              Fear & greed:

              https://money.cnn.com/data/fear-and-greed/

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              • #8
                Commodities:

                https://kimblechartingsolutions.com/...eady-big-move/

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                • #9
                  This fits with my guess that GCC could very well be putting in a historic low this week. It has been absolutely hammered.

                  I'll admit though, it is hard to see what the catalyst will be (other than prices have gotten too cheap) for a bottom. The FED, BOJ and ECB have absolutely blown up their balance sheets since 2011, and not only did the commodity complex drop, it is now at the same level it was in the early 1970s, in absolute terms. On an inflation adjusted basis, commodities might be the cheapest they have ever been in human history.

                  If GCC continues to break down, well, for me it will be absolutely astonishing.

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                  • #10
                    It's interesting--GCC is the ETF that is supposed to track the Thompson Reuters Equal Weight commodity index (the old $CCI), but it looks like it has done a pretty terrible job (due to decay?). The actual index is right at the 2017 low and well above the 2016 low, while the ETF is significantly below the 2017 low and barely above the 2016 low. Makes you wonder if the tail is wagging the dog.

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                    • #11
                      The post-Fed break down in the miners was extremely damaging technically IMO. It was just a couple of days, but it really screwed up the charts and makes it seem like we are destined for sideways action at best for a couple of months. I have almost no doubt that they will see new lows very soon, even while gold stays above 1267. It's possible it flips on a dime, but I would peg the odds of that happening as very very low. Prepare for a bankster rape as they shake the tree one last time, IMO. I think we are looking at mid July at the earliest for a breakout on the HUI above the 170 level. They could even drag it out until the early fall.


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                      Last edited by Spanky; 05-08-2019, 11:21 AM.

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                      • #12
                        Gold will bottom in early august

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                        • #13
                          One thing to watch, $HUI could be putting in a bullish inverted hammer this week. Of course, it's going to depend on where it ends up on Friday close. As you can see, it is in danger of breaking down outside of the cloud. This is going to be a nail biter.

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                          • #14


                            If tariff deal not happening, ES can dive huge.... below 2866 are 2852, 2839, 2821, 2814, 2800, 2784, 2776.... if deal is real, ES back to 2951....

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                            • #15
                              Originally posted by rutku10 View Post
                              Gold will bottom in early august

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                              No way that happens. This gold intermediate cycle looks like it was 37 weeks, which is already long. I am willing to bet the double wide.

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                              • #16
                                $GS Weekly: #GS setting up one of the tightest symmetrical wedges I have seen in a long time. If there were ever a candidate for a solid hedged trade, it does not get much better than this. A breakdown here would be violent... #Financials #Banks #Financial #GoldmanSachs

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                                • #17
                                  #GOOGL Daily: $GOOGL still showing weakness after consolidating just under 50MA over past week. A-wave target is still in play ~200MA. Inverted hammer today could indicate next move down to 200MA is coming soon. Time will tell $GOOG #GOOG #tech $FANG $FANGS #FANGS

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                                  • #18
                                    Oscar for May 8th:

                                    https://www.youtube.com/watch?v=QGCjybFNQhQ

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                                    • #19
                                      A lunar red period started around May 6th.

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                                      • #20
                                        Oil:

                                        https://twitter.com/AdamMancini4/sta...92027845238784

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                                        • #21
                                          Daily #Dupont : New Chart $DWDP imploding past multiple major multi-YR trend lines. Major VBP supply zones also being taken out as well. Although this is a smaller #dowjones component still does not have good implications for overall #economy #Dow #chemicals

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                                          • #22
                                            For Schism

                                            by Northstar
                                            And anyone else who wants to know how I use cycle theory. Iíll be honest Ė I find cycles on the timescales of days and weeks very hard to analyse. Iíve tried, but I can often only make sense of it with hindsight. All the A-B-Cís and 1-2-3ís seem very hard to predict ahead of time. Even amongst Elliot Wave followers there are often differences of opinion. It doesnít really matter to me though, because my game plan doesnít rely on any of that. All I want to know, is which way the big trading patterns will break. The 8 and 16 year cycle lows coincided during late 2000/early 2001. The 8 year cycle bottomed in 2008 and then they both coincided and bottomed again 2016. The next 8 year cycle low is in 2024, and then they coincide again in 2032.

                                            So, knowing all that, we are pre-warned about which way the Ďtrendí is likely to be over periods of several years at a time. I wouldnít go so far as to say itís 100% guaranteed (just because predicting the future never comes with 100% certainty Ė as a weather forecaster, Iíve learned that over the years). That said, you can use the balance of probabilities to make an informed decision about what the future is most likely to look like. In this case, we are most likely to see PMís trend upwards until we turn down to make that 2024 low. When will it turn down ? that depends on whether we have a left or right translated cycle. This is why I read everything the cycles experts like Surf, Rambus etc write, and place that alongside the chart patterns Iím following. Iíll sell all my PM shares at this downturn. When we turn up again after 2024, I intend to be all in again, and sell as we make that big turn and head down into the low in 2032. If it works out, youíll be able to find me on a tropical beach with a nice cold beer in my hand after that. The chart below helps explain how I view things on these timescalesÖ


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                                            • #23
                                              A current Bitcoin price:

                                              https://www.google.com/search?q=bitc...hrome&ie=UTF-8

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                                              • #24
                                                NYMO:

                                                https://stockcharts.com/freecharts/gallery.html?%24NYMO

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                                                • #25
                                                  NAMO:

                                                  https://stockcharts.com/freecharts/gallery.html?%24NAMO

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                                                  • #26
                                                    Koyfin:

                                                    https://allstarcharts.com/use-koyfin...bb1#more-99431

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                                                    • #27
                                                      Gold:

                                                      https://twitter.com/MysteryTrader99/...52917491687424

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                                                      • #28
                                                        Poly on Bitcoin:

                                                        https://twitter.com/BobLoukas/status...56570877317120

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                                                        • #29
                                                          Originally posted by Jim View Post
                                                          A lunar red period started around May 6th.
                                                          Thanks Jim

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                                                          • #30
                                                            Time:

                                                            https://www.armstrongeconomics.com/a...turning-point/

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                                                            • #31
                                                              Originally posted by Sophia View Post

                                                              Thanks Jim
                                                              You're welcome Sophia

                                                              Comment

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