need to respect the move UP in Gold last week … was ‘hoping’ (a strategy) that we would see another leg down into the circled area to complete the multi-year triangle and then a very strong move up …
watch over the coming days and especially this week.
Well, the GPRO saga has been quite the ride. I’ve been posting w/ Andy and the gang @seeitmarket since the high at 98. The long long ride down has completed the final lowest target so from here .. perhaps we’ll see it run higher.
here are the posts over @seeitmarket: https://www.seeitmarket.com/?s=GPRO
or you can just search my site because I tried to link the @seeitmarket to @bartscharts after it was published.
let me know if you have any questions.
note, from our last post in April we correctly ID’d the ‘roughly’ 17-18% move (corrective) up in the GLOBAL DOW and I have annotated “same pattern” to simply show this chart acting like the 2007-2009 period, thus far. the key here is the long term LOG trend line that is coming up from the 2002 lows. would expect, based on the monthly candle forming right now, that it should get tested in the coming weeks. breaking that trend line (MONTHLY close below) would be an ‘other’
as for the US DOW, that’s setting up a totally different and, potentially, bullish pattern so we’ll have to put it all together over the coming weeks.
note the AB=CD pattern that completed on the Global Dow.
note the dashed red arrow rally … well, we are pretty much there in regards to price and time.
should be an interesting week …
would watch the target above, very closely, along w/ the NASDAQ weakness in the coming days/weeks.
March 20th is the Vernal Equinox – first day of Spring (yeah) and from a time perspective is – usually – very important. additionally, we have a new moon/super moon on that date .. my friend and mentor Michael Jenkins taught me that because Vernal Equinox is the start of many ‘time cycle’s we can use numerology to derive potential time and price targets. I know this sounds crazy but as you cans below – it works. 360*8 = 2880. So, on the SPY cash or futures contract in/around that price could be a nice turning point. Knowing this, let’s do some PRICE and TIME conversion. as you can see below when we take 03/20/2019 and SUBTRACT 2880 price we nail the 05/01/2011 high which became a nice 5 wave decline. now, does any of this have to happen – NOPE – not at all. It’s all probability … but, w/in +/- day of 03/20/2019 I’ll be looking for a signal reversal candle to let the market tell me what it wants to do ….either way, enjoy the spring!
The last time I posted about the Transports they were finishing measured moves and the target w/ in around 9700-9800. The index blew thru that area after some consolidation and tapped out around 11, 500. We now have a very nice pattern taught to me by Larry Pesavento – the 1-3-5 and it appears that the index is starting back down. There are two interpretations that I’m showing – 1 is very bearish and the other is very bullish. Either way, in the near term, I expect a pullback and if we get a BUY pattern I’ll buy w/ a stop and if we get a SELL pattern I’ll sell w/ a stop. I’m a pattern dude do I’ll just wait and see …
Kind of cool that the price projection from the all time low from the 1930’s was 1.68179 (F#) and we stopped on the .68179 retracement. In the world I live in (you might not, so don’t worry about it or believe) what’s that usually telling me is the ‘index’ is respecting (OK vibrating) to that ratio and it’s inverse …
The bullish case is that we stopped at exactly the same price point as we did every other time since this powerful move began in the early 2000’s …
hope you have had a good weekend.
have been pretty silent about gold as it has gone up and down and up and down again and again … and, most recently, it’s started back down. folks, this is a complicated correction in Gold. And, mind you, its just that – a CORRECTION in a multi year down trend. here’s the thesis – we are the last wave of a contracting triangle which will then cause a very very strong move to the upside .. but, for now, I believe that will end a C wave and the a-b (triangle) – c correction will be over and another leg down in Gold will begin. now, mind you – this is going to all take months or a year or so to complete but it’s the best interpretation that I can think of, for now … so, near term, if your bullish (which I am near term and am already long) get ready to BUY gold once this ‘e’ leg of the a-b-c-d-e triangle is complete.
the last time I blogged by IWM was here: https://bartscharts.com/2018/05/17/iwm-caveat-emptor-and-check-out-where-price-hovered-today-in-my-p-s-below-cool/
we correctly ID a target zone of resistance and am now looking for another wave down sequence that will, if this count is correct, lead to a great BUY opportunity. I’ve outlined my count in the chart below …