GLN CHART THREAD
- Thread starter BEISHA
- Start date
GLN DAILY CHART
Despite a booming MACRO, GLN didnt really move the dial much this week, I believe sub wave 1 up is complete and the yellow arrow is showing the first signs of an ABC correction given it hasnt been able to bust 140, RSI 14 almost touching 70 over bought now sloping, the last candle being a doji ( indecision ) , these are are all red flags for me , but what complicates the scenario somewhat, was the DOW was up again on Friday ( 400 pts + ) and the Global X was also up too, so does GLN have anything left in the tank for a spike tomorrow ?
Only MR MARKET knows.........
GLN HOURLY CHART.
This chart gives you a bit more of an idea where i am coming from, looks like A & B has been complete with c wave to follow, clear divergence going on with the RSI 14 too......
We will find out next week if i am on the money..............or not.
imo
@shiok
Todays breakout candle ( yellow arrow ) forced me to have a rethink on the minor wave count , cause that doesnt happen if you are in ABC correction like i mentioned in the previous post, as it turned out, i identified my mistake and concluded that GLN is still on minor sub wave 3 up, with a target of 147/149, then minor sub wave 4 down to follow then minor sub wave 5 up to finish the set of 5 waves ( sub wave 1 up ).
Despite RSI 14 hitting over sold 70, it has gone as high as 87, in fact, its hit the target many times going by this next chart
So no reason why it cant do it again .........especially with the MACRO sentiment still strong, altho DOW FUTURES is suggesting
a 200pt drop tonite , so some minor weakness may occur tomorrow.
Sorry about the confusion with the ABC call, sub wave 1 up , still very much alive.
imo
Todays breakout candle ( yellow arrow ) forced me to have a rethink on the minor wave count , cause that doesnt happen if you are in ABC correction like i mentioned in the previous post, as it turned out, i identified my mistake and concluded that GLN is still on minor sub wave 3 up, with a target of 147/149, then minor sub wave 4 down to follow then minor sub wave 5 up to finish the set of 5 waves ( sub wave 1 up ).
Despite RSI 14 hitting over sold 70, it has gone as high as 87, in fact, its hit the target many times going by this next chart
So no reason why it cant do it again .........especially with the MACRO sentiment still strong, altho DOW FUTURES is suggesting
a 200pt drop tonite , so some minor weakness may occur tomorrow.
Sorry about the confusion with the ABC call, sub wave 1 up , still very much alive.
imo
Galan got smashed today!! Massive swing. Really weird despite everything was green over on wall street.
It closed 137.5 today which is right on the 5 day EMA. Historically, when we would close below 5day EMA , it would signal a downtrend.
Hi Shiok
" really weird despite everything green over on wall street "
I reckon Mr Market saw what was coming next.........
Minor sub wave 4 down is underway for the DOW.
Same situation happening for the Global X too...........
Normally sub wave 4 down finishes on the 38 fib, but thats usually when the bulls are in control, given the bears are taking control of the MACRO short term, i see the GLN SP finishing around the 61 fib ( 114 ) region , where the support is rather strong.
What goes up has to come down, for the next leg up to be possible, GLN rose 93 - 147, roughly a 50% return, profit takers were always going to come in at some point, including me....
All.......... IMO, IMO, IMO of course.
@shiok
CHART UPDATE GLN
I reckon minor sub wave 4 down is getting close to its conclusion, hit 116 which is the height of minor sub wave 1 up and has pushed off, with the yellow arrow displaying a inside bar candle or some may call it a BULLISH HARAMI, the RSI 14 indicator looks to be turning up too and if my eyes are not deceiving me, it appears the 9 / 18ema and the 20sma are all converging.
For a swing up to be confirmed, we need to see the SP break the 23 / 38 fib resistance ( 126 / 132 )
I cant rule out further weakness as the MACRO is still undergoing their minor sub wave 4 downs too, but the downside IMO, is fairly minimal, 10% tops, good support at 116/109
I have started the accumulation process with a top up at 123 , and will keep accumulating in small parcels, just in case it does go lower, then i will have a big top up once the swing up has been confirmed.
I find this strategy works best for me.
I have a 1.618 fib target of 1.83 for minor sub wave 5 up, a potential gain of 50%..........not too shabby.
IMO, IMO, IMO
CHART UPDATE GLN
I reckon minor sub wave 4 down is getting close to its conclusion, hit 116 which is the height of minor sub wave 1 up and has pushed off, with the yellow arrow displaying a inside bar candle or some may call it a BULLISH HARAMI, the RSI 14 indicator looks to be turning up too and if my eyes are not deceiving me, it appears the 9 / 18ema and the 20sma are all converging.
For a swing up to be confirmed, we need to see the SP break the 23 / 38 fib resistance ( 126 / 132 )
I cant rule out further weakness as the MACRO is still undergoing their minor sub wave 4 downs too, but the downside IMO, is fairly minimal, 10% tops, good support at 116/109
I have started the accumulation process with a top up at 123 , and will keep accumulating in small parcels, just in case it does go lower, then i will have a big top up once the swing up has been confirmed.
I find this strategy works best for me.
I have a 1.618 fib target of 1.83 for minor sub wave 5 up, a potential gain of 50%..........not too shabby.
IMO, IMO, IMO
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With the Dow down a whopping 1000pts Friday night, to enact the C wave down for minor sub wave 4 down which i was expecting , probably not that severe tho......
Plus
Global X having a dump too.......with probably more to come....
There is a high probability that 109 support could get hit........at least double bottom 116 support me thinks.....
Great opportunity for a nice top up if you have spare bucks...............I certainly do.....
imo
Yeah mate, nice action coming off that double bottom 116 support, classic EW , with minor sub wave 4 down hitting the height of minor sub wave 1 up and pushing up.....................
I topped up at 116, will do a BIG top up once the 38 fib 132 resistance breaks, cause that would be confirmation that minor sub wave 5 up is on.......
RSI 14 looks in prime position.
All the EMAs look like they are flattening out and on the rise.
Happy chappy ............not much more to say.
imo
@shiok
GLN appears to be in accumulation range bound mode ( 116 - 126 ), DOW down another 337pts Friday night, plus Global X was bearish too, so I dare say GLN will be red on Monday , possibly challenging the 116 support line again....
Looking at the MACRO.
There are a few reasons why i think the DOW bear is about to end imminently.......
a) EW......minor sub wave 4 down is now aligned with the height of minor sub wave 1 up, a reversal tends to occur once that eventuates.
b) Strong support lies at the 61 fib ( 31383 ) and directly underneath ( 30997 )
c) RSI 14 is very close to the OVERSOLD brown line, where historically, reversals have taken place
So by mid / latter of next week, we could see the DOW starting to reverse.......which would provide much needed sentiment for all stocks including GLN.
Global X scenario is very much similar to the DOW, with strong support where it currently lies, with strong support also at the 78 fib and directly underneath too at 70, with RSI 14 very close to OVER SOLD.
So in conclusion, GLN may have a rocky start to the week, but might find its groove there after.
Time will tell if i am right.........or wrong.
imo
GLN appears to be in accumulation range bound mode ( 116 - 126 ), DOW down another 337pts Friday night, plus Global X was bearish too, so I dare say GLN will be red on Monday , possibly challenging the 116 support line again....
Looking at the MACRO.
There are a few reasons why i think the DOW bear is about to end imminently.......
a) EW......minor sub wave 4 down is now aligned with the height of minor sub wave 1 up, a reversal tends to occur once that eventuates.
b) Strong support lies at the 61 fib ( 31383 ) and directly underneath ( 30997 )
c) RSI 14 is very close to the OVERSOLD brown line, where historically, reversals have taken place
So by mid / latter of next week, we could see the DOW starting to reverse.......which would provide much needed sentiment for all stocks including GLN.
Global X scenario is very much similar to the DOW, with strong support where it currently lies, with strong support also at the 78 fib and directly underneath too at 70, with RSI 14 very close to OVER SOLD.
So in conclusion, GLN may have a rocky start to the week, but might find its groove there after.
Time will tell if i am right.........or wrong.
imo
Hi Shiok
No, i didnt get my top , as you said, went very quick with big volume and i was busy with work, but i did get a nice top up at 116 and have a sizeable holding, so i enjoyed the nice gain never the less.........
Yellow arrow pointing to a beautiful engulfing candle, with lots of volume...........hmmm, what is going on behind the scenes ?
Could a favourable GREENBUSH update be on the cards ?.........who knows.
Looking at the chart.........RSI 14 still has some resonable meat still to go, all the EMAs / SMA are converging and rising, so looking very bullish.
Got some resistance at 149 to contend with next, will there be a retrace once that hits ( top up opportunity ) , or will it sail past ?
One thing is for sure, the break of the 38 / 50 fib resistance has confirmed minor sub wave 5 up !!
DOW CHART
Dow was up 377 pts on Friday night and minor sub wave 5 up looks ready to go, with RSI 14 coming off OVERSOLD 29.....5 ema curling up, other emas flattening out................good stuff !
GLOBAL X CHART
Global X also had a positive Friday night, with RSI 14 coming off the low , all the emas curling up, it very much appears that minor sub wave 5 up is pretty much confirmed there too........
So GLN should have a very green start to next week .......exciting times ahead.
imo, imo, imo
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@shiok
Blue shaded area looks like a cup & handle pattern, with the yellow arrow being the handle.
As i suspected , 149 resistance prompted a retrace, which essentially created the handle, for this pattern to hold up, wouldnt want to see the handle drop much lower, i reckon 130 ( 38 fib ) support is the maximum it can go down or its defunct.
Looking at the MACRO
Unfortunately the DOW has taken a turn for the worse, with inflation numbers not dropping as expected, fears of more severe interest rate hikes doing the damage.
Really hoping that hammer candle ( yellow arrow ) prompts a reversal up from the 78 fib support.....
If that support line doesnt hold, then we could see a double bottom 29600 or worse........
Similar scenario with the GLOBAL X, really hoping the 78 fib support holds or worst case 70...........or things start to get ugly.
Next week will be revealing.
imo
Blue shaded area looks like a cup & handle pattern, with the yellow arrow being the handle.
As i suspected , 149 resistance prompted a retrace, which essentially created the handle, for this pattern to hold up, wouldnt want to see the handle drop much lower, i reckon 130 ( 38 fib ) support is the maximum it can go down or its defunct.
Looking at the MACRO
Unfortunately the DOW has taken a turn for the worse, with inflation numbers not dropping as expected, fears of more severe interest rate hikes doing the damage.
Really hoping that hammer candle ( yellow arrow ) prompts a reversal up from the 78 fib support.....
If that support line doesnt hold, then we could see a double bottom 29600 or worse........
Similar scenario with the GLOBAL X, really hoping the 78 fib support holds or worst case 70...........or things start to get ugly.
Next week will be revealing.
imo
Thanks for the update mate, have shared it.@shiok
View attachment 16904
Blue shaded area looks like a cup & handle pattern, with the yellow arrow being the handle.
As i suspected , 149 resistance prompted a retrace, which essentially created the handle, for this pattern to hold up, wouldnt want to see the handle drop much lower, i reckon 130 ( 38 fib ) support is the maximum it can go down or its defunct.
Looking at the MACRO
View attachment 16906
Unfortunately the DOW has taken a turn for the worse, with inflation numbers not dropping as expected, fears of more severe interest rate hikes doing the damage.
Really hoping that hammer candle ( yellow arrow ) prompts a reversal up from the 78 fib support.....
If that support line doesnt hold, then we could see a double bottom 29600 or worse........
View attachment 16907
Similar scenario with the GLOBAL X, really hoping the 78 fib support holds or worst case 70...........or things start to get ugly.
Next week will be revealing.
imo
Pretty spot on today, bouncing off that 130 mark. 131.5 to be exact. Hope that is our "higher low".
The 61 fib support is getting my attention more than the 115...........
Could that be the pivot for sub wave 3 up ?
Will the RSI 14 indicator settle at 38 and be the pivot for the next leg up ?
Will the MACRO settle down ?
Lots of questions, answers not as prevalent.....yet.
imo
@shiokView attachment 17694
The 61 fib support is getting my attention more than the 115...........
Could that be the pivot for sub wave 3 up ?
Will the RSI 14 indicator settle at 38 and be the pivot for the next leg up ?
Will the MACRO settle down ?
Lots of questions, answers not as prevalent.....yet.
imo
Went away for a much needed holiday, so been a bit quiet with the chart updates.
That being said........not much has really changed since my last post......
GLN SP still range bound between the 50/ 61 fib ............accumulation process.
RSI 14 indicator has come off the 38 support line which is a slight positive.......needs to get above 50
All the EMAs are flattening out nicely.
GLN needs to break the 50 fib resistance to confirm change of trend.
MACRO
Crunch time has come for the DOW on the WEEKLY chart
Will the minor support at 28698 be the pivot for sub wave 5 up ?
Will EW principles be respected with sub wave 4 down not entering sub wave 1 up territory ?
Or will it break down and hit the 50 fib or lower ?
Will the 29 support on the RSI 14 indicator be the pivot to drive past 50 or will it slump to double bottom over sold 17 ?
The elephant in the room is that ALL the EMAs are still pointing vertically bearish..........no signs of flattening out.
However, if i look at the DAILY chart of the DOW, things look a bit more positive, double bottom 28698 ( blue bubbles ), 5 ema converging with the 9 ema which are both rising with 18 ema flattening out.
RSI 14 indicator looking rather bullish after hitting over sold 22.
The last heiken ashi candle is bullish despite the 400 pt drop on Friday nite.
Still too early to tell if this action has a reversal in the wind , but if the strong resistance zone highlighted in red is broken to the upside, then i get a bit more confident.
Has the Global X found support at 64 ?
Has the RSI 14 indicator found support at over sold 29 ?
No signs yet of the EMAs flattening out.
Next week will be revealing as to whether the bearish MACRO continues or a reversal is taking place.
imo
Yes mate, had a nice break, now refreshed and looking forward to what GLN brings next.
Having read the comprehensive Annual report,
a) 170 soil samples still pending from Greenbush, plus 15 rock chip samples , so looking forward to those results some time this year,
b) Hydraulic testing of the second pump well at Pata Pila ( PPB - 02 - 22 ) commencing soon .........results this year ?
c) Pumping tests at Rana de Sal concluding this month..........results this year ?
d) Porosity tests at Pata Pila...........by my calculations results from 73 core samples are pending.
e) results of 2 exploration drill holes at HMW ..........casa del inca ( c1 - 01 - 22 ) & del condor ( dc - 01 - 22 )
f) DFS HMW / Candelas Q1 2023
Big 6 months coming up brother !!
You going to the AGM on the 18 / 11/ 22 ?
Are you from Perth or eastern states ?
Love to know your thoughts.
cheers.
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