- Feb 21, 2023

More Buyers or Sellers: Shadow boxing

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2 commentaires

23 févr. 2023

Thanks John What are your thoughts on where to buy the pullback in gold (wave 2 down before wave 3 up)? Also, what are your thoughts on XLE and CL1 still being in a broader wave 4 (that's not yet complete) with a lower low to come (does the recent move off the June lows look corrective to you)?

John

23 févr. 2023

En réponse à

I think the current level is a perfectly reasonable place to buy gold. That is why I added to my GLD position in the absolute return portfolio this week. We are right around the 38.2% retracement which is roughly where we might see the bottom of a sideways correction following a strong wave 1. If we take out 1800 then I'd be looking at the 61.8% around 1750 as the level to buy.

XLE looks like a good medium term buy here to me, or indeed CVX which looks similar. I think XLE sees one more test of the lows before turning higher - we're still missing wave 5 of C.

I don't think that CL1 is trading in a…

More Buyers or Sellers: Shadow boxing

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