Thanks guys for sharing information about Bear Flags Galore in Silver SLV.

Hey I’m not the world’s biggest Elliott Wave defender or advocate. I treat it like I do any other indicator – I don’t get upset when the 3/10 gives a false divergence signal or when price keeps going up after an overbought reading in the RSI or Stochastic.

It’s a tool in the arsenal – EW is not absolute, but it gives insight into a possible pathway for price and serves as confirmation/non-confirmation so I find it helpful in that sense.

I’m just like you – I’m in a “Wait and See” mode.

Yup – good call. The last three ‘pushes’ into the close on GLD formed our “Three Push” reversal structure.

Again, I’m still trying to sort-out the fallout from these intraday surges.

Anyone see the dollar (or UUP)? Ouch.

I’ll try to post up a quick grab of those charts – there was some wild action in those. I’m still trying to sort it all out. I’d wait for the dust to settle before trying to jump in on any of these.

And usually we get the *opposite* indicator on trend days – usually it shows a false positive divergence. In this case, the oscillator actually confirmed the trend all the way down and correctly identified the low via a divergence. That’s also why I chose to put the example up – it bucked the … trend.

Thanks – I got lucky with posting this one. Didn’t make any profit off it – just was pointing out the weird structure in SLV. Happened to catch it just at the right time. About 10 min after this post went up, price surged on the Fed news.

Not trying to be a bear here, I think today’s action can only be viewed as bullish. But this observation suggests you may be able to get long gold at better prices tomorrow.