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.

We FINALLY Got Our Pullback In GLD

By -

We FINALLY Got Our Pullback In GLD

By Avi Gilburt, ElliottWaveTrader.net

First published on Wed May 16 for members of ElliottWaveTrader.net:  As the title notes, we are finally getting that 5th wave down in the GLD after weeks of meandering. Moreover, not only are we getting that 5th wave down, the 3rd wave within this 5th wave down extended beyond the 3.618 extension of waves i and ii down.  And, such a strong extension is certainly doing its job in getting even more people souring on this complex.

Moreover, as I am reading out there in the blog-world, it seems many are turning quite negative with gold breaking below its 200DMA.  Clearly, this is EXACTLY what we want to see to strike a bottom in the complex.

As you can see from the daily chart, the RSI has dropped down to the levels from which all prior rallies have begun.  Furthermore, the GLD is now below its daily Bollinger band, yet the MACD on the daily chart is providing us the positive divergences we want to see in this 5th wave of the c-wave of wave (2).

(more…)

Put Yourself On Notice

By -

Just a friendly tip – please be sure your Notifications are set the way you want. A Sloper wrote me (a PLUS member, actually, which is even a more advanced form of the species) wondering why he wasn’t getting notified when new posts were put up. He checked his notifications and, voila, found out they were turned off. So click here to double-check that your custom settings are to your liking.

(more…)

The Ghost of 2017

By -

What is likely happening here is that SPX is doing an ABC retracement while forming a bull flag to go higher. Wave A was the first leg down and wave B was likely the rally into the lower high that we have seen so far. What we should see next is the C leg down below the wave A low, possibly extending as low as the daily middle band in the 2679 area, before the next leg up on SPX.

However last year that’s not the way this worked. The uptrend was so strong that every time the moment came for a second leg down, SPX broke up instead. That was the 2017 playbook and I’m not expecting to see that here, but it’s on my mind as a possibility.

Full Intraday Video from theartofchart.net – Update on ES, NQ and TF, and CL, NG, GC, HG, ZB, KC, SB, CC, ZW, DX, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDJPY, USDCAD: (more…)

Do NOT follow this link or you will be banned from the site!