are we ready to rumble higher , or is a correction in the cards

man that topic served its purpose. 

silver, sugar, and coffee have not taken out their 80 highs!!!!

 So far the broad market seems to be following the pattern leading to the highs before the plandemic

So , do the pms correct or are they ready for prime time

dharma

Interesting, I could make a case that something significant is ending as we have some significant daily and weekly divergences from the momentum highs earlier this year and are very overbought daily, and especially weekly and monthly. Now let me stress that guarantees nothing, perhaps we go into a more parabolic stage then we are in now and yes I'd term it mildly parabolic at this time. I exited the last of my gold sector longs today and will watch, note that I am not bearish just not being a piggy. Note that monthly RSI (now at 80.22) has only been above 80 once since 2007/2008 and that was near 85 at the June 2020 high at 2074 - and yes we are "currently" diverging vs that high. Maybe this will be the "mother" of all rallies, I am getting older and more conservative. as always DYODD

Senor 

Edited by senorBS, 23 September 2024 - 07:39 PM.

Well-stated, Senor.  My take is that we are nearing the concluding phases of a "C" wave within larger X wave on many charts.  Both QQQ, SPX have reached the first major Fibo target of these "C" waves.  In other words, the minimum target has been satisfied.

As e-wavers know well, the dilemma is that there can be extension waves up to 1.62%.  For example, on GLD I could see a maximum C target of 248 i.e, 2% higher. I agree it's not prudent to chase here. 

Interestingly, the much-watched GLD:SLV ratio peaked much earlier than GLD itself.  It peaked around July along with SLV, then GLD kept chugging higher with the ratio.  The lesson I've learned is that SLV and GLD:SLV ratio will peak before GLD completes its 5th wave up. 

Edited by beta, 23 September 2024 - 07:49 PM.

Well-stated, Senor.  My take is that we are nearing the concluding phases of a "C" wave within larger X wave on many charts.  Both QQQ, SPX have reached the first major Fibo target of these "C" waves.  In other words, the minimum target has been satisfied.

 

As e-wavers know well, the dilemma is that there can be extension waves up to 1.62%.  For example, on GLD I could see a maximum C target of 248 i.e, 2% higher. I agree it's not prudent to chase here. 

 

Interestingly, the much-watched GLD:SLV ratio peaked much earlier than GLD itself.  It peaked around July along with SLV, then GLD kept chugging higher with the ratio.  The lesson I've learned is that SLV and GLD:SLV ratio will peak before GLD completes its 5th wave up. 

agree, haven't seen anyone post any sentiment numbers but man I see a lot of "frothy" bullish gold headlines with targets WAY up there, we see.

Senor

I am not a gold bug---never was---but I can easily rationalize that gold is in 5th wave and could do 10 x 1.68 what it did in wave 3, that's a move from about 250 to 2000. It's parabolic and it's not stopping? Now the miners are not confirming it and neither are Silver, Palladium and Platinum. But it's possible that it could move significantly higher than most anticipate.

Edited by linrom1, 24 September 2024 - 12:39 AM.

here comes the attempt on Silver...if bulls can now KEEP it above 31....

Is this the candle that starts it all???

the greatest stock picker maybe ever has his largest cash position -maybe ever

the market has priced in perfection.   having cash seems like it is prudent right here

the metals have had a good run and as senor /beta  said above we are overbought .

october is right around the corner.  market  is ripe for a surprise. 

dharma

all bulls need now is follow through.....

It's so big.....