Gold Intraday: Last Chance To Be A Bull Market!

Well folks, the time is near as we approach the most important price level for gold, and that is below $1236. Just to be on the safe side I use $1234 as the official price failure confirming ig gold is in a bear market or not. Yes we are talking around a $2 window, to confirm this so called gold bull market!  From my Cycle degree perspective, the $1234 crossing confirms that all we had so far was just a bear market rally, and it is only a matter of time when the next price support also fails.

The next price support for this so called “bull” market is $1205.  Just so there is no doubt at all,  I will use below $1204 as the next price level when support fails. We have 4 to go for the entire trip, and the $1204 price level breach would complete two extremely important bull market support levels. Two out of four support failures still needs to get “taken out”, but when gold wants to start rolling down hill, you don’t want to get in it’s way, because from here on the stop loss “SELL” orders are piling up.

If you think the “gold dip buyers” are actually down there, don’t count on it, the gold bulls will turn on you and instantly turn into a bear as they scream “sell” at the hedge funds trading department. The hedge funds already dumped 700 tonne on the market, so do you think they are going to stay long after critical bull market support fails?

Those gold bulls will run south faster that we can think, pushing any retail gold bull out of the way as the gold price keeps crashing.  After the third support price level is taken out, then we are over the 50-50 support breach and the bearish sentiment (BS)  really starts rolling downhill. Then we only have one bull market support left to breach, at the $1047 price level.

After the $1047 price level fails then all argument about gold in a bull market will have failed as well. The implosion of the gold price will be on all the gold blogs and on your local TV news channel.  The gold bears are going to shred the gold bulls and eat them for breakfast, and I for one will be glad that I’m riding the gold bear down with short positions.

The problem with the $1234 crossing is that it leaves a big chunk of waves uncountable, and that you cannot have! It has no home folks, and therefore will destroy every bullish wave count they can dream up!  Those gold bull wave counting buckaroos, will get thrown off and they will use some lame fundamental excuse why their wave count is failing. Being able to bet on the markets going down ( short selling) with real money,  is a far more efficient use of any wave counts. If you don’t know how to “short sell”, then traders are only running at 50% efficiency at best!

About once a month I have a meeting with my friend “JP” who will retire in 2029 (SC Peak) and he knows my work very well. We can tie up a booth for hours and do detail analysis together. He understands the benefits of the ability to sell short any ETF when the time is right. I have 6 short positions out on gold and gold stock ETFs, so there is plenty of evidence that I’m testing my wave counts on a continuous basis. (Without the use of any stops!) I never use stops just like any other contrarian that I know. Shit if I were to use stops I would never be in the game as I would get kicked out all the time.

Much of my planning will be done with GDX , so I will talk more about planning for the biggest “knife catching tournament in gold’s history”!.  🙄

My friend JP is not a dummy he is very detail minded and he will spot major loopholes pretty quick. “JP” is also witnessing a bet I made on the direction of the gold price, no time limit just a very strict price limit. If Gold crashes below $1047 before it crosses $1400, he pays me a 10 ounce silver coin, worth about $242 CAD! If the gold price goes above $1400 then I pay him my silver 10 ounce coin. We have this bet documented which I will let my  friend JP witness.

I can get carried away in a gold post, but shit is going to hit the fan and lots of stuff will happen that nobody will be expecting, especially all those “complacent” gold bull investors.

 

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