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Tuesday, January 10, 2012

Short GDX and SLV

Well it took a few days, but patience paid off.  Price got up to my target on both SLV (silver) and GDX (gold miners).  See my prior posts for details.


As you can see price is now at the upper end of the channel on lower relative momentum.  That is the signal I've been waiting for to get short both of these.

Positions:
Bearish VERTICAL SLV FEB 12 29/25 PUT
Bearish VERTICAL GDX FEB 12 54/50 PUT


As far as silver goes,  I'm not sure of the intra-day wave count, but I'd rather be short here at resistance with the bearish bigger picture on the daily and weekly time frames.  The spread will provide some protection against time decay if it doesn't reverse right away.
Posted by Waverunner (FractalTrader) at 7:07 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))