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.

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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Baby Huey

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I’ve been accumulating DUST every day for the past four days. It’s showing a small profit at this point, and if miners break down the way I hope, this could be a great position. The gold bugs index, shown below, is slipping beneath the lower portion of its topping pattern. Nothing definitive yet, but we’re moving in the right direction.

0111-hui

Georgy Girl

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My Tesla had a couple of technical “events’ yesterday, one bad, one good.

The bad one was a sudden loss of power steering. The reason wasn’t what you’d expect, like some fluid leakage or other proletarian predicament. No, no, this is Tesla. The software needed to be fully rebooted. I can tell you, though, when it decides not to offer power steering, it was virtually impossible to turn the steering wheel. I felt like I was trying to spin the steering on the Titanic after resting on the ocean floor for the past century.

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