• 512 days Will The ECB Continue To Hike Rates?
  • 512 days Forbes: Aramco Remains Largest Company In The Middle East
  • 514 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 914 days Could Crypto Overtake Traditional Investment?
  • 919 days Americans Still Quitting Jobs At Record Pace
  • 921 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 924 days Is The Dollar Too Strong?
  • 924 days Big Tech Disappoints Investors on Earnings Calls
  • 925 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 927 days China Is Quietly Trying To Distance Itself From Russia
  • 927 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 931 days Crypto Investors Won Big In 2021
  • 931 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 932 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 934 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 935 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 938 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 939 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 939 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 941 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

And It Begins

As I was afraid would happen, gold suffered an overnight hit that drove it back below the $1350 support zone. The drop occurred in the span of one minute so it's pretty obvious this was a planned attack with the intent of taking out that support zone in the thin overnight market when there would not be any buyers to defend the against the attack.


Larger Image

This has also broken the intermediate trend line which should take out all the technical traders as few will want to buy a broken trend line.


Larger Image

At this point I think we need to align our goals with those of the manipulators. This doesn't mean selling short, but it does mean delaying gratification until the manipulation has accomplished its goal. That goal, I'm almost certain, is to setup the trade of the century. By lowering the starting point before the bubble phase of the bull market begins this manipulation is creating more and more profit potential once it ends and the bubble phase begins.

Yes, this entire debacle has stolen a load of money from those depending on freely traded markets. But this is also going to setup the conditions to make back all of those losses and many multiples more during the bubble phase of the bull. Instead of fighting the manipulation we just need to accept that it is happening and why it's happening. Wait patiently until it's done, and then get positioned to profit from it right along with the forces that have orchestrated this charade.

At this point I doubt we will get a cycle bottom until the FOMC meeting next Wednesday and maybe not until OEX next Friday. The bounce out of the daily cycle low I expect will fail to reclaim that $1350 resistance zone and gold will head back down to test $1179. At that point I think we can safely assume we will see another one of these overnight attacks to break that support. This will probably trigger a waterfall collapse back down to the prior C-wave top around $1030ish.

That's the point where we will back up the truck as that is the logical level for shorts to cover and longs to enter in preparation for a final bottom and the beginning of the bubble phase.

So at this point I'm ready to cheer for the criminals running this scam because I know they are not only setting up the trade of the century for themselves, but I'm planning on taking advantage of it myself. Now we just have to be patient and wait for setup to develop.

I signaled an exit into strength last Tuesday and got subscribers out of the way of this attack. We are now sitting on the sidelines waiting for the manipulation to run its course and preparing to enter long once it has.

 


The $10 one week trial subscription is still available for anyone who is interested in trying the nightly premium report. There are still plenty of opportunities in the meantime while we wait for this to run its course.

 

Back to homepage

Leave a comment

Leave a comment