Gold - on cusp of massive bearmarket :)
- Thread starter deadbroke
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Quote from deadbroke:
August 19, 2010
Gold could = might make one more top. This aspect is unclear to me right now. If it doesn't, then of course, June 20, 2010 is the top. I will update this aspect if/when it clears up.
But, that a massive bearmarket is coming or has already come since the June 2010 top, is quite evident to me.
Gold long-term bearmarket target = $250, possibly lower, the lower target will be provided if necessary, when we get there.
Add to that, I'm holding Oct. 122 Calls and it's a sure bet. I'm the ultimate contraian indicator when it comes to options, but Gold 250? Now that's a hell of a call.
My opinion, we're on the cusp of a huge move. It's either going to 1500, or 900 and when it goes, it's going to be quick. Of course, my opinion on these issues suck. Carry on!
Thanks for at least giving an estimate on the target - unlike most "gurus" who say things like "market about to hit 40,000!" and then 10 years later they say "I will still right - it just hasn't been enough time yet!" or whatever.
I have never been a gold "bug", and I could certainly see a drop in the future. $250 seems a long ways off though!
JJacksET4
Nah, don't worry about Prechter. When it comes to market timing and/or mistiming I'm perfectly capable of fckin it up by myself, don't need his help.
But seriously, I do my own work. I studied under him so yes I was influenced very much. But I'm totally on my own now.
Actually everything in a non-trading sense in my life is geared to the Deflation scenario. If it doesn't happen I lose nothing, but if it occurs, I'm positioned correctly.
Its a wait and see. There is never going to be any certainty in this game.
Re: gold as the alternate currency ....
I think in this special case, this will also be a surprise and gold will not be the alternate currency during the upcoming big D.
The 2 champs will be paper, USD and Yen.
Yes, $250 is a very long way off. But you see, I do things differently - I've used the longer timeframes for real-life setups. For example, I was a total dummy to miss the big north move on gold, but I didn't miss the Yen move south and the dollar move north. These positionings came purely from the monthly/weekly/daily timeframes.
Now at ET I'm trying to get better with realtime. It will surely take some time but it is very important to me to get this right.
As far as targets and updating goes, count on it, all numbers will be stated exactly and if wrong, hey I get a big fat zero. That's the way its gotta be.
Once the move south at least shows me I've got a shot at being right, I'll provide even more intermediate targets on Daily for profit-taking and/or getting back into the continuing short.
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