08/28/2012 Live Update

[Al_Dente]

Hi TraderGirl,
I read that most if not all people are calling a top in Gold & Silver for the short term.
If you do not mind and you have time, would you please do your magic chart on Silver (SLV). I read that they think it will drop to around $26 before it starts back up.
I would sure like to see if you and your MAGIC charts agree
Thanks AGAIN!!!

slvpf828.png

here is l/t PF of SLV, shows more upside (but pf do not say "when"-trader girl has a good handle on the timing
the shorter term pf leads me to agree with your expectation of a dip by a few bucks...

slvpf828shorter.png

GL Joe,

Joe
Can u post one of those on SLW
thanks

[essessme]

just trying out new SC tool - a test into the gap that sticks around the purple arc before more up?

[TraderGirl]

Hi TraderGirl,

I read that most if not all people are calling a top in Gold & Silver for the short term.

If you do not mind and you have time, would you please do your magic chart on Silver (SLV). I read that they think it will drop to around $26 before it starts back up.

I would sure like to see if you and your MAGIC charts agree

Thanks AGAIN!!!

I'm afraid to say I don't have anything magical to show you...If I were to look at this chart like any other stock chart, I would say that there is not much preventing SLV from getting down to the $19 area...

When the market tanked in 2008, so did PM's..., but then when QE was announced it bounced in Oct 2008 before the rest of the market did in March 2009.

So, since the PM's are a liquidity driven vehicle right now, it all depends on QE, I would say that no QE = $19 area...Stochastics can still become more oversold...

Looking at the daily chart...if you connect the last two peaks, you see SLV coming up on a resistance line...we'll have to see how it reacts to that....

A geocosmic site I follow has the PM's up into 1st quarter of 2013, then a major correction... ??? A cycle follower has a major turn in PM's in November 2012...??

[Al_Dente]

is this a sqz?

[Cobra]

hopefully it's Triangle therefore the bias is a little bit on the upside.

[TraderJoe]

Hi TraderGirl,
I read that most if not all people are calling a top in Gold & Silver for the short term.
If you do not mind and you have time, would you please do your magic chart on Silver (SLV). I read that they think it will drop to around $26 before it starts back up.
I would sure like to see if you and your MAGIC charts agree
Thanks AGAIN!!!

slvpf828.png

here is l/t PF of SLV, shows more upside (but pf do not say "when"-trader girl has a good handle on the timing
the shorter term pf leads me to agree with your expectation of a dip by a few bucks...

slvpf828shorter.png

GL Joe,

Joe
Can u post one of those on SLW
thanks

Here is part of one article;
"Gold should soon start wave {e} down, falling toward 1,525ish. Then a decline back toward 26 should complete wave {e} down."

I have read several of these articles and they all mostly say the same thing. They are saying silver down to around $26 and Gold down about $200.

[TradingJackal]

If this is a good 'D' wave of a triangle, it going to make you scream - 'You b@st@$turds' a few times on either side and before you know it, 'E' is also done and we are up, up and away.

[essessme]

Longer view of silver has 3-1-13 area as critical date - setting up a directional move into Oct '13

[Al_Dente]

Hi TraderGirl,
I read that most if not all people are calling a top in Gold & Silver for the short term.
If you do not mind and you have time, would you please do your magic chart on Silver (SLV). I read that they think it will drop to around $26 before it starts back up.
I would sure like to see if you and your MAGIC charts agree
Thanks AGAIN!!!

slvpf828.png

here is l/t PF of SLV, shows more upside (but pf do not say "when"-trader girl has a good handle on the timing
the shorter term pf leads me to agree with your expectation of a dip by a few bucks...

slvpf828shorter.png

GL Joe,

Joe
Can u post one of those on SLW
thanks

Here is part of one article;
"Gold should soon start wave {e} down, falling toward 1,525ish. Then a decline back toward 26 should complete wave {e} down."
I have read several of these articles and they all mostly say the same thing. They are saying silver down to around $26 and Gold down about $200.

THANKS VERY MUCH JOE
i was looking for a P&F chart on SLW from joe-gamma
[SLW isn't a buy either]
GL2u

[Al_Dente]

is this a sqz?

yes indeed, we shall now test hi

[Cobra]

triangle text book target. not sure as it could be ascending triangle too, wait for the next few bars.

[Out of Bounds]

Triple top?

[TradingJackal]

e does not have to travel to the bottom of the channel. Most of the times, it will stop midway.

[Out of Bounds]

Look at the 13 day SMA (light blue line) and the hourly chart. Resistance/support throughout the day.

Capture.JPG (34.91 KiB) Viewed 3906 times

[Al_Dente]

is this a sqz?

yes indeed, we shall now test hi

What now Al?
Well that is fail hi and fail sqz at the moment... stay tuned...

[Cobra]

guys, if you have time, please vote for me, thanks: http://stockcharts.com/public/1684859/tenpp

[Cobra]

target if this is an Ascending Triangle. still not sure, need wait and see.

[TraderGirl]

Hi TraderGirl,

I read that most if not all people are calling a top in Gold & Silver for the short term.

If you do not mind and you have time, would you please do your magic chart on Silver (SLV). I read that they think it will drop to around $26 before it starts back up.

I would sure like to see if you and your MAGIC charts agree

Thanks AGAIN!!!

TJ, looking at 2008, the correction in waves are eerily similar to now, just less in terms of time and depth...

The November turn I was mentioning was to be a low...First quarter 2013 could be the high, then we could be down...

[Al_Dente]

This might be a ding ding quickie sell from the baron bb52x ???
Did anyone “borrow” his main ding ding?
The one with three charts across, 1min, SPY/VIX and IWM/RVX and something Q
I miss him already

[SB73]

anybody got a take on CORN?