Gold's Fifth Wave This is one of the most bullish charts on my screen today: Price has surged through all of the red resistance trendlines, save the final one, which is being challenged today (see 240 min chart below). Once cleanly through, next stop is the 61.8% Fib extension price level, around $7,400, then $10K is in our sites, sometime in 2027. We own calls in GLD, SLV, GDX and SIL: New Highs Today (Aug 19) in 5 of 6 Positions It is noted that currently we highly concentrated in precious metals and energy. According to Chat GPT: "The portfolio’s character is quite coherent: it is positioned for the bullish hard-asset/inflation trade. The trade-off is that it has little thematic diversification. That is acceptable for a signal service when the charts independently confirm, but it makes disciplined stops particularly important." Gold 240 Minute Technology Breakdown? Is today's, "technology breakdown," another fake out, or is it the beginning of an intermediate term declining trend? If the latter, the easiest and quickest way to participate is via QQQ puts. YTD, we have not had many successful attempts at shorting the Q's, but that luck may be about to change for the better. Could the August-October crash window be the time to try again? Let's look at the charts: QQQ - Big Picture Sitting just above trendline support at 714-715 - Any lower, buy puts. QQQ Trading Chart - 240 Minute We only want to buy puts if QQQ closes below the blue uptrendline it is currently straddling - below about QQQ 715. QQQ Sep 18th Puts BUY ONLY ON A CLEAN BREAK OF TREND! Individual Stocks of Note: Breaking Down These are just a sample of some big winners of the AI revolution, faltering out of the gate this morning. Absent a complete recovery of these losses by the time you are reading this, consider the breakdown in technology confirmed, at least for our trading purposes over the next few days to weeks. Five waves up and break below first support trendline - could be the start of something much bigger to the downside.
