Friday, September 29, 6:18 pm EST. Well, it was another down day in the precious metals markets! This puts F1 in the OEXpert 7 timer at 10, and it is signaling. F2 is at -5, and has now signaled. F3 is at 19, and about to signal in another day or 2. F4, at -5, has signaled for us. F5 is now at 45 and could join the chorus with just one more day. Finally, F6 is at 9, has just gotten under 10, and that’s a signal for us! The price of GLD has yet to touch either of its two lower trading bands, but it’s getting close. I’ve been saying all along that if price could get to at least as low as $120, that would be nice, and it would have gotten through the first of its lower bands to signal.
My take is that if we can get any more downside price action next week, we could look for an all-out lo-risk market entry signal, and could begin to look for a the turn upward anytime after that. I’m going to go out on a limb and say that if we can get just another day or two, and get all the indicators to where I’d be happy, I’m going to step up and take a position in NUGT for a trade. I’ll check prices in other indicators within stockcharts.com, too, and see if I can find what are called P3 Squeezes among the symbols I track there, for further confirmation of a bottom.
I’ll study the charts and report back over the weekend.