Gold - Short-Term Swing Setup
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Assuming this happens more or less as the idea explains, the implications are pretty massive in this case.
I'd expect bitcoin to really break down to new lows and the same goes for equities (especially tech).
The only real question is whether miners dip with broader equities or cling onto gold's run up.
Appreciate any decent miner names/ideas posted in the comments.
I'd expect bitcoin to really break down to new lows and the same goes for equities (especially tech).
The only real question is whether miners dip with broader equities or cling onto gold's run up.
Appreciate any decent miner names/ideas posted in the comments.
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Didnt expect it to take such a circuitous route, but gold looks very bullish atm.
Entered half position long calls in GLD for 8/20, 165 strike.
Given that the major move higher could be delayed by equity selloff, am going to wait until before close today or on open tomorrow to enter the second half of the call position.
Entered half position long calls in GLD for 8/20, 165 strike.
Given that the major move higher could be delayed by equity selloff, am going to wait until before close today or on open tomorrow to enter the second half of the call position.
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Here's an updated look at the setup. Would use the black line trajectory in this chart below, rather than above.
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Here's another - based off of the white chart above as price action compresses, gearing up for a parabolic move higher:
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Ok, this is my last chart for this idea, so if it fails to blast off in the next hour, I will take the L and short some miner tomorrow.
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Latest chart w/ archs vs. circles:
