GLD/SLV - ready to fall?Finally a MACD cross on the 3 day chart. Extreme spike pattern looks similar to 2008. SLV has still only retraced about 50% of the losses sustained in March. I keep waiting for catch-up and it looks like it's coming. This ratio should be under 10 soon and SLV should be on its way to pre-selloff price action.
GLD trade ideas
GLD - a long downward trend aheadGLD seems to have reached the end of minor wave 2 up. Minor wave 3 should last many months and should take prices to levels much lower than 136. As shown by the Commitment of Traders graph, speculators continue to be at record net-long positions in gold futures and at this junctures they are usually wrong as shown in history. FOLLOW SKYLINEPRO TO RECEIVE UPDATES.
Gold is going down ... at least in the short term.I see a Head and Shoulders pattern forming with the head just peaking a few days go. We should see gold move down in the next day or two.
I have 2 options for the right shoulder.
I use the DMI, MacD and Stoch RSI to point me in the which direction.
I also use Fisher indicator and Commodity Channel Index for entry point. (not shown)
I use the CCI as opposed to the RSI because I can get more buy signals with it.
LONG GLDGold Has retraced to a trendline support. This will be the third push for GLD. The middle of the trend is the easiest, and two symmetrical pushes have been confirmed. I have narrowed my entry to the high volume profile. I have set my sell stop at the high volume of the last tested support level. Profit target is measured move from symmetrical two swings, based off of line chart measurements. Divergence with CSI(20) and price action.