Gold potential correction
Updated
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stock/rsi... Note
I do want to emphasize that this could be a short lived correction in the grand scheme of this bull run... gold/silver you can't ever go wrong buying at any price in fiat money.. it's value is hard to pin down on a chart in any currency. I'm just speaking from a technical perspective.Note
GDX- Note
I had a medium top in miners/gdx pinned around 29-30 but it's been so bullish. I had 12 calls in GDX from 20! I'm a little embarrassed I took profit way too early, ha. Oh well, we do our best. Gold/miners are just now getting a lot more public attention so it could break any bear divergences or corrections I am expecting.. but still, I would like to see it cool off before I jump back in long. Note
confirmation on a correction/consolidation- Finally! I'm looking forward to this- I want more lower! Note
I suspect we'll have a few weeks (maybe 8 weeks?) of correction/consolidation: Note
I'm hoping for a deeper correction.. I'd love to see it back down to 1390-1400 (or where that trend line is) Note
miners- possible pivot lower Note
bring it down Note
I'm wondering... Note
I have my doubts on it coming down as low as the #4 I have on this chart before this next potential wave 5. The 2 wave was fairly short consolidation.. Wave #3 is normally the largest/strongest wave up but the depth of the pullback is in question. I think it could turn at any moment. I have a small position in gdx calls as well as slv calls- I would consider selling them if we moved up strong over 1650 gold price..
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