• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Au Breakout

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,660
Likes
2,705
#81
Turns positive on a buy signal above the red bearish resistance line.

Then the first Bullish Resistance line (that begins at 22) comes into effect as potential resistance.
If that is taken out, the second Bullish Resistant line comes into play (the one that starts at 36).

[But if I'm wrong, may Au-myn straighten us out.]
 

Au-myn

GOLDBUG
Founding Member
Site Supporter
GIM Hall Of Fame
Joined
Jul 2, 2010
Messages
940
Likes
1,669
Location
California
#82
Yes, d-lod, the buy signal does occur at 22.

The second depends on where a pull-back comes but, I would expect a long row of X's from this buy signal.
 

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
#85

Just a request, for you AU-myn,

Please update any new observations in Gold and Silver, as don't want to miss opportunities of learning.

Your silent strokes are more powerful than many noisy charts.

be covid safe
 

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
#86
Turns positive on a buy signal above the red bearish resistance line.

Then the first Bullish Resistance line (that begins at 22) comes into effect as potential resistance.
If that is taken out, the second Bullish Resistant line comes into play (the one that starts at 36).

[But if I'm wrong, may Au-myn straighten us out.]

Hmmm, that means, silver's consolidation from 11. 62, may or may not consolidate?
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,660
Likes
2,705
#87
Hi d-lod,

I wasn't really discussing what silver may or may not do. I was only speaking of the rules of P&F charting. '

This current buy signal is below the red Bearish Resistance line so it does not turn the chart positive. Therefore we will need a new buy signal above the red Bearish Resistance line in order to turn the chart positive. These are simply the rules of P&F charts.

The blue uptrend lines that I drew on my chart "do not exist" until we get a buy signal above the Bearish Resistance line, but we are projecting them as if we got the buy signal above the line.

Now, regarding the price of silver, Au-myn said he believes the column of X's that we are currently on will go higher with more X's before we turn back into a column of O's going down. But that column of O's going down is necessary for us to get the next buy signal above the Bullish resistance line.

The green X that I put on my chart at 24 (using the rules of P&F) represents the lowest buy signal that could possibly occur to turn the chart positive. If the current column of X's continues to go higher, as Au-myn suggested, then the eventual buy signal that turns the chart positive will occur at a higher level than that. I trust Au-myn's informed opinion on these chart.
 

Cigarlover

Midas Member
Midas Member
Midas Supporter
Joined
Dec 18, 2011
Messages
8,752
Likes
17,682
#88
long time awaited. the elephant is rising from slumber, though has to cross 1980's top yet.

thanks
The set up for the 3rd try at it sure feels like a perfect storm. World economy in turmoil, rumors of wars everywhere, covid shutting down mine production, refining and manufacturing, governments printing currency around the world and a huge demand on the investment side of things.
When this pops I see limit up days where the shorts wont have a chance to cover. Break 50 and we are off to 150-300 in very short order. Time to play catchup.
 

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
#89
Hi d-lod,

I wasn't really discussing what silver may or may not do. I was only speaking of the rules of P&F charting. '

This current buy signal is below the red Bearish Resistance line so it does not turn the chart positive. Therefore we will need a new buy signal above the red Bearish Resistance line in order to turn the chart positive. These are simply the rules of P&F charts.

The blue uptrend lines that I drew on my chart "do not exist" until we get a buy signal above the Bearish Resistance line, but we are projecting them as if we got the buy signal above the line.

Now, regarding the price of silver, Au-myn said he believes the column of X's that we are currently on will go higher with more X's before we turn back into a column of O's going down. But that column of O's going down is necessary for us to get the next buy signal above the Bullish resistance line.

The green X that I put on my chart at 24 (using the rules of P&F) represents the lowest buy signal that could possibly occur to turn the chart positive. If the current column of X's continues to go higher, as Au-myn suggested, then the eventual buy signal that turns the chart positive will occur at a higher level than that. I trust Au-myn's informed opinion on these chart.

Thanks for expanding your observation, yes truly, SILVER, per say is volatile, unpredictable for sure and dumb mule, but, saying all these:-

22 -24 will be resistance/support level and need to be observed.

1. looking back to 2008, when it reached 21.34 $, it reacted to 8.14 in 2009.
2. In 2016 it reached 21,13 and traced back to 11.62.
3. The regression to 8.14 acted in hard strung coil and reached 49 in two years.
4. the correction to 11.62, may uncoil in new top.

thanks
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,660
Likes
2,705
#90
Thanks for expanding your observation, yes truly, SILVER, per say is volatile, unpredictable for sure and dumb mule, but, saying all these:-

22 -24 will be resistance/support level and need to be observed.

1. looking back to 2008, when it reached 21.34 $, it reacted to 8.14 in 2009.
2. In 2016 it reached 21,13 and traced back to 11.62.
3. The regression to 8.14 acted in hard strung coil and reached 49 in two years.
4. the correction to 11.62, may uncoil in new top.

thanks
Thank-you for your insights as well! I agree.
 

Voodoo

Gold Member
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
2,205
Likes
2,930
Location
Deep Underground Bunker
#91
Thanks for expanding your observation, yes truly, SILVER, per say is volatile, unpredictable for sure and dumb mule, but, saying all these:-

22 -24 will be resistance/support level and need to be observed.

1. looking back to 2008, when it reached 21.34 $, it reacted to 8.14 in 2009.
2. In 2016 it reached 21,13 and traced back to 11.62.
3. The regression to 8.14 acted in hard strung coil and reached 49 in two years.
4. the correction to 11.62, may uncoil in new top.

thanks
Those are the important numbers in MA's system for the month close ($21.34 and $21.13 or very close).
Those are a 61.8% and ~45% pullback. I think this trend continues and is likely a ~31% pullback if it occurs. Using $23.53 top gives around $16.04 for a re-test.
 

Au-myn

GOLDBUG
Founding Member
Site Supporter
GIM Hall Of Fame
Joined
Jul 2, 2010
Messages
940
Likes
1,669
Location
California
#93
Now, regarding the price of silver, Au-myn said he believes the column of X's that we are currently on will go higher with more X's before we turn back into a column of O's going down.
Remember, this is a 2 fiat /box x 3 scale Point & Figure chart. So, we have to think at what point will there be a 6 fiat reversal on the chart.

:ponder:
 

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
#94
Looks like a Quadruple Top formation buy signal at 1710 is coming.

Breaking down the two patterns within this Quadruple top we have a reversal pattern - # 2 Double Bottom formation sell signal at 1560 (highlighted) which followed a continuation pattern, that long #1 Double Top to the left. So you can see how it reversed to a sell signal.

View attachment 160590
What I believe will follow, IMO, A reversal again. A Bullish Signal formation. A bottom (1470) followed by a top (1680) followed by a higher bottom (1590) and to complete the formation a buy signal at 1710.

This should also be interpreted as a variation of a Formations in Combination which consists of three tops.

Nevertheless, it is a powerful formation in The Three-Point Reversal Method of Stock Market trading.

View attachment 160591
As always, DYODD.


Translated this in EW....................

1050 – 1350 = 300 29%
1350 – 1170 = 180 13%
1170 – 1680 = 510 44% APPROX 1.6% of first wave i
1680 – 1470 = 210 12.5%
1470 – 1896 /2151.......29% / 44%
 

Strawboss

Apocaloptimist
Site Mgr
Midas Member
Site Supporter ++
Joined
Mar 31, 2010
Messages
8,614
Likes
17,294
#96
What does it say about current market conditions when we are $135 away from the next significant point of resistance in Au-Myn's charts and he is taking in terms of "we are getting close"...as in it might happen soon (tomorrow)...
 

Au-myn

GOLDBUG
Founding Member
Site Supporter
GIM Hall Of Fame
Joined
Jul 2, 2010
Messages
940
Likes
1,669
Location
California
#97
Hey Strawboss,

The getting close is in terms of price rather than time itself as Point & Figure is based on supply and demand however,
the pace has picked up in July by the number of entries to the chart so it could be sooner rather than later, Strawman...

I did a little cut paste in order to visibly open up the channel with a "peak" resistance line. It's something I picked up from one of my P & F books
years back. It is used when stocks run off the chart so to speak. You take the peak reading starting point from the last high on the chart and draw in
a 45 degree angle from the top left corner to right and extend it. What we want to do is complete the ascending trend channel as we draw closer to un-charted territory to navigate through.

Au45 2.png
 

Strawboss

Apocaloptimist
Site Mgr
Midas Member
Site Supporter ++
Joined
Mar 31, 2010
Messages
8,614
Likes
17,294
#98
My comment was an observation on the recent craziness of the price action - NOT a reflection on your skills as a chartist...
 

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
Hey Strawboss,

The getting close is in terms of price rather than time itself as Point & Figure is based on supply and demand however,
the pace has picked up in July by the number of entries to the chart so it could be sooner rather than later, Strawman...

I did a little cut paste in order to visibly open up the channel with a "peak" resistance line. It's something I picked up from one of my P & F books
years back. It is used when stocks run off the chart so to speak. You take the peak reading starting point from the last high on the chart and draw in
a 45 degree angle from the top left corner to right and extend it. What we want to do is complete the ascending trend channel as we draw closer to un-charted territory to navigate through.

View attachment 174263

Hello
Au-myn

Can we have similar chart with long term projection of silver.

thanks
 

HistoryStudent

Midas Member
Midas Member
Site Supporter
GIM Hall Of Fame
Joined
Mar 31, 2010
Messages
7,893
Likes
5,129
Location
So. CA
Au-myn
Always was is the best.
 

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
Hello
Au-myn

Can we have similar chart with long term projection of silver.

thanks

I am trying, to achieve silver's lower channel and upper channel target, the lower channel comes around 65, while upper level is above 100$

looking for your insight.

Thanks Au-myn.
 

Au-myn

GOLDBUG
Founding Member
Site Supporter
GIM Hall Of Fame
Joined
Jul 2, 2010
Messages
940
Likes
1,669
Location
California
Hey d-lod,

Sorry for the late reply. I had a computer issue yesterday.

This P & F chart is a 3 x 1 1/2 scale.

I drew in the first (34.50) and second (54) bullish resistance lines for your reference. In most cases he first resistance line is taken out on the initial buy signal. The next buy signal will give us a better idea of the near-term resistance.

Currently, there is a variation of a Reversal Triple Top formation with the buy signal occurring at 22.50.

s2.png
 
Last edited:

d-lod

Silver Member
Silver Miner
Joined
Apr 18, 2010
Messages
1,166
Likes
661
Location
toronto
Hey d-lod,

Sorry for the late reply. I had a computer issue yesterday.

This P & F chart is a 3 x 1 1/2 scale.

I drew in the first (34.50) and second (53) bullish resistance lines for your reference. In most cases he first resistance line is taken out on the initial buy signal. The next buy signal will give us a better idea of the near-term resistance.

Currently, there is a variation of a Reversal Triple Top formation with the buy signal occurring at 22.50.

View attachment 175798

Thank you Au-myn.

34 and 54, thanks for your insight and observation.
 

arminius

Platinum Bling
Platinum Bling
Midas Supporter ++
Joined
Jun 6, 2011
Messages
5,701
Likes
8,309
1596956029448.png


Soooo, wha hoppened tadae...
 

the_shootist

Old Pasty White Guy
Midas Member
Midas Supporter ++
Joined
May 31, 2015
Messages
49,785
Likes
87,259
Location
Earth