Wednesday morning… Monday didn’t work out so well. And, Tuesday? Well, it looks like Tuesday was WORSE. I’ll check all the charts and get back on those.
I had said we topped February the 8th, and that it had gone into a consolidation of the gains from the 12/15-23 bottom. Then, more recently, I identified what appeared to be the beginning of more corrective-type action… and, now, it most certainly is.
I hated the previous ‘rally’; calling it pretty much bogus, illegitimate, unloved… it just wasn’t real. It was obvious that neither traders, nor investors, were taking it seriously, and that unless they ever got on board and started pushing it on volume, it could not prevail. It didn’t.
Now, we’ve got a correction of that rally, and we need to watch to see where it settles out. I’ll be updating the measures of risk regularly, and reporting those, but we want to see, ideally, is one of two scenarios to play out. First, either it finds the next bottom at a price higher than the low of the 12/15 thru 23 bottom, or, second, and this would be just as meaningful… the prices settle back to the same level as the 12/15 thru 23 bottom, so as to create a double-bottom picture.
Stay tuned, hang in there. More money can be made in a shorter amount of time by identifying, and getting on-board with some good gold rallies, than anything else I know of. I employ some of our serious money here, but, if you only want to work with ‘play’ money… a quantity that is not so great as to disturb your sleep, or enough to make this a mere hobby interest; that is perfectly alright. I intend to bag a goodly return, by finding a real rally, when it does come, and committing to it early enough, to make some very good money in it.
Back after I’ve reviewed the charts.