Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Gold & Silver: How Much Of A Pullback?

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As I noted last weekend, silver has finally joined the party, and has completed quite a full 5 waves up off the lows, and potentially even more.  And, as stated last weekend, since everyone was looking for a pullback coming into this past week, the market did just the opposite and continued higher early in the week.  So, can we see more of a pullback in the coming week?

Well, I will say that a further pullback in silver would provide us with a really nice inverted heads and shoulders in the silver chart.  But, again, that just may be too easy.  You see, when the greater market sees the potential for any type of heads and shoulders patterns, especially bearish ones, they rarely play out as most expect.  Most of the time, they simply set up the bears on what seems to be an initial trigger of the pattern by a break of the neckline, only to see a strong reversal catching all the shorts by surprise as the heads and shoulders invalidates and turns the market up strongly.  This is what I warned about months ago in the GDX, and exactly what happened in the complex over the last month.

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Could The Miners Have Provided The Ultimate Fake Out?

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by Avi Gilburt, ElliottWaveTrader.net

First published Sat Jan 7 for members of ElliottWaveTrader.net:  This past week saw a very nice move higher in the GDX and gold, but silver has seriously lagged, which does dampen any outright bullishness at this time.  But, let’s review where we stand overall.

Several weeks ago, as the GDX broke down below its .618 retracement, many were throwing in the bullish towel, and everyone seemed to adopt the “clear” heads and shoulders pattern presenting on the daily chart, while pointing to target levels below the January 2016 low.  But, it just seemed too obvious to me, and it seemed like the market was setting everyone up.

In November, well before we broke the .618 retracement and well before we broke the neckline of the seeming heads and shoulders pattern, I wrote the following:

In our Trading Room at Elliottwavetrader.net and in my live video sessions with our members, I have noted several times over the past weeks that the perfect bottoming set up would begin as the market recognizes a heads and shoulders pattern setting up in the GDX.  And, many this past week were pointing to this “perfect” pattern, which they view as setting us up for new lows in the complex.  In fact, it could be “too perfect” since the entire market seems to now be hyper-focused on how it is going to take us to lower lows.

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