If the box area holds, Silver could be primed for another leg up.
I know people are very bullish with the yellow metal, in fact, everyone i know is bullish.... but something like this is a possibility. I think the easy part of the ride up is behind me and now I am being cautious from here on. There's a difference between the XAUUSD and I was looking for around $1640 +/- on XAUUSD but GLD looks to be pretty toppy.
Natural gas may be bottoming around this level. My previous post on Natural gas going down to around 1.8 was achieved. Now, I think risk vs reward is in favor toward NG going up.
Weekly chart is enclosed. In short term, I think it could pull back a bit lower but I am looking for it to be bottoming soon.
It looks like the immediate down scenario is being challenged and the dollar index may be on the way to retest the last high and may be looking for 100 area. Technically, DXY needs to break 97.82. Question is.... what is this mean to the immediate bullish scenario in precious metals ? Interesting.....
A confluence of support is around here. .786% retrace of a-b-c LD and bottom of trend line support.
It's time for the Risk vs Reward assessment IPO around $40 level, Pulls back about 50-60% and rallies up A little over 800% gain in value? It's time to take profit and buy back later when it's trading at 60% below the current level.
At minimum, XLU looks to be ready to pull back. IF XLU is making the (b) wave, then (c) wave will take it all the way down. Either way, it's prudent to take profit and step aside.
TNX (10 YR T yield ) likely topped late 2018 and TLT (20 yr US bond fund) is likely to head up higher to 128-130 area ?
2/1/19 Time for Risk vs Reward evaluation Most of the mean on this bone has been taken - holding any longer significantly increases risk. Exiting Natural gas / DGAZ looking for sign of turn around to accumulate UGAZ
It looks like GDX is top forming either as red iv or blue w1. Time for Risk vs Reward evaluation
It's a time for Risk vs Reward evaluation. Taking profit and side stepping to see how it develops.
Time for "Risk vs Reward" evaluation
Just thinking out loud Thinking we had a up and now b down, setting up for c up.... retest or OML is possible.
I often have hard time with the last wiggle of wave..... I wouldn't be surprised to see a decent correction in IWM and QQQ this week