UPDATE July 24

Quick update on todays action.  Things are very much playing out as was outlined in the weekend report and all this week…

 GOLD sold off overnight, and is now  (As I write)  up $6.  Up $6 isnt convincing, but it is really up $20 off of the lows.  All miners popped at once, and I pointed out a bullish engulfing on IAG via Twitter, as things started to show a change. 

IAG – is now up 12%

It is likely that after such a POP, the shorts are nervous.  They may have good profits and not want to risk giving them back on an overnight rise Sunday in Gold. That means we may be seeing short covering and buying .  I’m not changing my thinking completely when I said that an overnight raid could drop GOLD SUNDAY NIGHT again.  I am here to say that with current C.O.T. levels and extreme pessimism everywhere,  chances are now even better that this is the lows before a nice summer rally.  IF SO…

1. It is only day 1, you havent missed the rally.

2.  You may want a starter position

3. I want to show you that most (Not all) ICL’s run up, curl back down to scare people out,  then take off again.  Its the  1 & 2  of the  1-2-3-4-5  that you Elliott Wavers know about.

So let me show you that.  NOV 2014 ICL…not straight up, it had the drop 

Look back at other ICL’s…most 3 out of 4 here) had that stall at the 10 sma or 13 sma

I’m just showing this to those that still are Leary of adding today, because of the weekend and Sunday nights trading. look at the RED arrows,  we are there now.  You havent missed the move and there could be a pullback near the 10sma.

Personally,  I bought the reversal because of all of the evidence that I have presented in the last week.  I expect an ICL, and we may have just bottomed as expected.  It looks so much like the Nov ICL.  

GDX –  I pointed this out on Twitter this a.m. before the reversal , but I’ve pointed it out n my reports all along.  This looks like a twin set up.

SO this is your last chance to add before the weekend.  Many Miners look good as reversals. This is LOW RISK, because you can put your stop below todays lows,  they likely will not be taken out.    These may be The lows for now. The only risk is a gap down Monday from Sunday night selling, but that may be an opportunity to add lower.   I feel that we just saw the lows that we have been waiting for . 

AU–  you can see the reversal, you can almost see where it might pause.

RBY – see the strong reversal, but you could add the next day too.  Note:  So If we are slightly down Monday…its normal.

Your choice.  Buy now at a strong reversal?  Take a small position?  Wait and see what the Sunday trading brings first?

RE-Read this mornings report or last nights alert too.   So far, it looks like things are playing out exactly as expected, but start small if you’re cautious or wait for a swing .   Have a great weekend!