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Monday, November 28, 2011

Gold - Target $2,000

Gold appears to be forming a triangle.  Once the current consolidation period completes, a surge up to just over $2,000 is anticipated.

60min Chart
Posted by at

55 comments:

  1. BlakeNovember 29, 2011 at 5:15 AM

    SC- You still think silver breaks the lows today? Thanks

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  2. SCNovember 29, 2011 at 6:27 AM

    I still think that is possible. Let's see how it goes today. Silver has been flat. Quiet before the storm.

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  3. BlakeNovember 29, 2011 at 6:43 AM

    PM's seem to be holding pretty strong here, I think the rally has started SC.

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  4. SCNovember 29, 2011 at 6:58 AM

    Thanks Blake. I still like the $36.50 area in any case.

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  5. ZigZagNovember 29, 2011 at 7:00 AM

    1inbluemoon,

    Yes, I do use T symmetry and I like to see the T line up with multiple cycles and certain points on the RSI. I've played around with money flow T's before, but I could never get them to align properly.

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  6. SantaNovember 29, 2011 at 7:38 AM

    Hi SC

    curious if you see spx going slowly to grind up to Dec 6 still in your cycle work?

    Any type of major dump/drop/chop you may foresee before dec 6?


    Thanks!

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  7. SCNovember 29, 2011 at 8:01 AM

    I think it could be quite choppy and see a dip this week, soon.

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  8. BlakeNovember 29, 2011 at 8:03 AM

    you may be right with silver, SC. I have an auto system that just went short. Average trade length is only about 12 hours though

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  9. SCNovember 29, 2011 at 8:22 AM

    Ok Blake let's see. I'll give it one more day, then time is up for point 3. I would love to see Silver make that slight lower low ideally. Maybe on the open tomorrow?

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  10. SantaNovember 29, 2011 at 9:05 AM

    Hi SC

    curious if you are seeing a big dip this week or just a small dip before the rise Dec 6?


    Thanks!

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  11. BlakeNovember 29, 2011 at 9:06 AM

    I am actually going to get long here...silver and gold. Looks like accumulation to me, even though my short term auto trade is on a sell signal, i do not want to end up chasing metals higher. I can handle the move down from here. Last day to roll December contracts, so action might be a little weird from that.

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  12. SCNovember 29, 2011 at 9:22 AM

    I think we can see a pretty big dip here for SPX. NDX weakening quite a bit today.

    Logical approach Blake - limited downside, and good upside. Any way I look at the PM's there is nice upside near term even if a dip first.

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  13. AnonymousNovember 29, 2011 at 9:56 AM

    EMINI UPDATE

    http://imageshack.us/photo/my-images/834/emini1129.gif/

    Good trading! joed

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  14. AnonymousNovember 29, 2011 at 10:21 AM

    Gabe

    Thanks for your response about style and spending the time you did with me! It has really helped in my own direction! What you said makes perfect sense in a plan that fits me!I will talk to ya next wk! Your candidness was great! I appreciate any help I get! Thanks, Syd

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  15. SantaNovember 29, 2011 at 10:29 AM

    Hi SC

    would today news with the 8billion loan agreement to Greece change your thought about the dip in SPY this week?


    Thanks!

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  16. SCNovember 29, 2011 at 10:44 AM

    Dip this week looks likely to me possibly tomorrow. Remember though, I do see 1240 SPX area next week.

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  17. AnonymousNovember 29, 2011 at 10:50 AM

    gabe Do you have a web site contact I can reach you at? Do you teach or solve trading problems? Please advise! James Watson

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  18. AnonymousNovember 29, 2011 at 11:04 AM

    gabe My question is can you teach the way you look at the markets and time? please advise and contact info! tx,james

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  19. AnonymousNovember 29, 2011 at 1:49 PM

    james

    Yes I do mentor a few a year and yes I teach new ppl all the way to fund managers and prof traders the exact way I look at markets and time from a blank chart up! You can email me at trakktrader80@gmail.com

    Best, joed

    ReplyDelete
  20. BlakeNovember 30, 2011 at 5:06 AM

    WOW!!!!! huge moves!!!!

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  21. beetlejuiceNovember 30, 2011 at 5:35 AM

    Shouldn't this announcement be USD bullish?

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  22. SantaNovember 30, 2011 at 5:53 AM

    Hi SC

    Curious if you see any cycle change for today, thinking you mention before it will be down day. With premarket going so hot at the moment, curious to know if the plan change with the cycle today?


    Thanks!

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  23. SCNovember 30, 2011 at 6:09 AM

    Wow is right, SPX blasted into the stratoshere!!! We're already near the 1240 target. Wed-Fri has always looked weaker. Likely selloff into Friday from not much higher than current levels, and then surge up again early next week.

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  24. beetlejuiceNovember 30, 2011 at 6:29 AM

    Crazy stuff. This will not solve anything. One week( and that may be generous) from now we'll be back where we were, maybe worse.
    Watch the dollar reverse strongly off this level IMO

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  25. SantaNovember 30, 2011 at 6:46 AM

    Hi SC

    curious are you seeing your cycle at work with the sell off? Because with this kind of action this week so far, wouldnt there be massive short covering, which mean we go higher rest of the week?


    Thanks!

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  26. SCNovember 30, 2011 at 6:50 AM

    Not impressed with Silver, I think it still comes down and bottoms Friday.

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  27. SCNovember 30, 2011 at 6:51 AM

    A lot of S&P shorts would have covered Mon/Tues. Quite sure selloff hard into Fri.

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  28. ZigZagNovember 30, 2011 at 7:12 AM

    This weekly SPX low cycle chart that I posted last week is burning it up.
    http://tinyurl.com/85smu8b

    I see more of those green Christmas lights coming :-)
    http://tinyurl.com/838737c

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  29. SCNovember 30, 2011 at 7:36 AM

    For Silver I like a bottom $30.25, and the $36.50 target looks good. The whole bottoming process is taking longer so the timing is going to get pushed out.

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  30. SantaNovember 30, 2011 at 7:38 AM

    Hi SC

    curious to know if you see in your cycle work a level of target for the sell off to this friday? below 1200?


    Thanks!

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  31. SCNovember 30, 2011 at 7:41 AM

    Because we are so high already for SPX, this might be the top right here. Decline next into Fri. Around Dec 6-7 might actually just be a lower high.

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  32. SCNovember 30, 2011 at 7:43 AM

    Under 1200 looks quite possible into Fri.

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  33. BlakeNovember 30, 2011 at 8:00 AM

    silver really starting to move now

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  34. BlakeNovember 30, 2011 at 8:16 AM

    silver going back to 30.25 before continuing this rally does not really make sense SC, based on the cycles I look at. I don't see it breaking the 11/21 low as a possibility until maybe another 10 days from now. If it did, it would probably mean that a run to 36 is not a possibility.

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  35. BlakeNovember 30, 2011 at 8:20 AM

    What is pointing to lower prices soon in your analysis SC? You were expecting a big move up, but then once it started you seem to have changed your view. Did something change on charts for you?

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  36. SCNovember 30, 2011 at 8:35 AM

    My price points are the same for Silver so that hasn't changed, but the timing has been taking longer.

    The problem is that the S&P is already topping in my view so that makes me think Silver hasn't put in that 3rd bottom yet.

    I think Silver can bottom around Fri, and then finally make that push up I've been waiting for.

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  37. SCNovember 30, 2011 at 8:45 AM

    I'll update the SPX and Silver charts later today. In my view SPX is topping - a major top. This may be the ideal spot to short, or can also wait for around Dec 6-7. Dec 6-7 may just be a lower high though.

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  38. SCNovember 30, 2011 at 8:48 AM

    SPX hit the 1240 target, trading at the pink line.

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  39. AnonymousNovember 30, 2011 at 8:51 AM

    EMINI CYCLE .......MOVING INTO NEXT DATE!

    http://imageshack.us/photo/my-images/259/eminidailycycle1130both.gif/

    http://imageshack.us/photo/my-images/94/eminidaily240min1130.gif/

    Good trading! joed

    ReplyDelete
  40. MuzzNovember 30, 2011 at 11:52 AM

    Hi SC, it does seem a little over cooked here and 1240 might well be a good short for a pullback in the next couple of days. What do you see happening into the 6th & 7th and beyond?

    Thanks SC

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  41. SCNovember 30, 2011 at 12:15 PM

    I think selloff into Fri, bounce from there into the 6th, and I see Dec being bearish from that point.

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  42. SantaNovember 30, 2011 at 12:18 PM

    Hi SC

    Market so strong right now, hard to see this sell off you mention, are you planning to show us a chart soon on what you seeing that the market is not showing at the moment?


    Thanks!

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  43. SCNovember 30, 2011 at 12:28 PM

    Yes, chart is coming soon. This is quite the market we have on our hands!

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  44. ZigZagNovember 30, 2011 at 12:32 PM

    80% chance that the INDU will be higher than the November 11th peak by January 2nd. My plan is to keep buying the dips.

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  45. SCNovember 30, 2011 at 12:46 PM

    SPX rallying into the close, but NDX is not. That should give the bears the upper hand tomorrow.

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  46. SantaNovember 30, 2011 at 12:53 PM

    Hi SC

    NDX went up a lot today already even if it doesnt move like SPX, curious how it translate to support for bear?


    Thanks!

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  47. SCNovember 30, 2011 at 12:59 PM

    NDX is a leading index. I look at the relative performance, and if it is weakening vs SPX in terms of relative performance that is a bearish indication. Often the subtle things are important and overlooked.

    Strong finish, but let's see how it goes tomorrow.

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  48. SantaNovember 30, 2011 at 1:04 PM

    Hi SC

    I dont recall seeing this kind of finish for a long time for bull...this is like turbo charge bull action last 30mins...lol...dang...so strong....waiting on ya chart to show us the light on the other side.


    Thanks!

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  49. AnonymousNovember 30, 2011 at 4:51 PM

    SC, gold pretty much hit your upper fork line so are you expecting roughly 120$ correction from here on the futures?

    I have a week of dec 30th for important low for silver ... kinda futher down the road than your cycle shows. And also i have a potential major top for USD (could be a bit higher high) around DEC 26 followed by dollar sell off into late JAN '12.

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  50. ZigZagNovember 30, 2011 at 5:14 PM

    Here's the INDU cycle low chart that I posted on the 23rd. Next cycle peak on the weekly charts is mid January and then up to larger cycle peak around mid March.

    http://tinyurl.com/cq3dd94

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  51. SS76November 30, 2011 at 5:54 PM

    Ok, now have to be patient for HVU. Was tempted to get into it before the close, but thinking there is more upside still for the spx! More economic data is likely to be positive this week!

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  52. SS76November 30, 2011 at 7:18 PM

    Chinese PMI at 49, France bond auctions, and looks like I should have bought HVU. Dang.

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  53. ZigZagNovember 30, 2011 at 8:28 PM

    SC, you getting anything around Dec 8th. Total lunar eclipse is December 10th and the last lunar eclipse was a low on June 15th.

    http://tinyurl.com/bvapzqn

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  54. SCNovember 30, 2011 at 9:59 PM

    Dec 6-7th I've been thinking for a high. Sometimes they come in a little late - possibly that Dec 8th is a high.

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  55. SCNovember 30, 2011 at 10:04 PM

    I'd like to see Gold a touch higher 1770-80 or so.

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