It is all good in the SKI land for now but the time is slowly running out. We cannot go much deeper and not jeopardise the 92-96 bull. The irony would be if we sold it to mark the bottom.
GDX
Similar to USERX but a little less time.
GLD
Also similar as the two above but much more space for time and price. It has started breaking the 16-20.
SLV
Haven't mentioned silver recently because it didn't seem significant but lets show it just for the record. Silver is on a 92-96 buy but is xx-ed and off the path. The rally started in Jun with a 35-39 buy on the path. Later the 92-96 marked a beginning of the acceleration. Currently it seems like the SLV is breaking out of the down trend (while moving towards a 16-20 sell) but it has sold the 35-39, two days ago. This in combination with the 16-20 sell should provide some considerable resistance. The most probable path for the near future would be sideways to down until the path is cleared. If GLD starts breaking out I expect SLV to lag. If the GLD starts falling I expect SLV to fall even harder.
SandP 500
Everything has been said about this chart, we just need to wait and see what happens in the next 2-3 weeks.
Transport index
As a context to the previous chart lets comment on the transport index. As you can see in the chart above, after the December 2018 crash the Dow has made a new all time high but the transport index has not (chart bellow). According to the Dow theory this means that we are heading towards a recession. If that is true then a double/triple sell is more probable than a new bull market. Having said that, it is interesting to notice the recent development in transport index which is a double 35-39 and 92-96 buy that can also be accompanied with a new 218-222 buy soon. This 218 buy looks like a potential real deal but the 35-39 and the 92-96 are xx-d. We will see what happens. It has a long way to go to rectify the Dow theory problem but the Transport index is a leading indicator and this might be a good news for the Dow.
TLT
The 16-20 buy has been providing some support. We will see how much.
UUP
The 35-39 sold today after 62 days for a meaningless profit of 0.45%. The 16-20 buy should provide some support.
XGD Australia
Aussy golds have only a few days to start moving!
I am still holding long.
Best luck to everyone.
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