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news.goldseek.com / By Avi Gilburt / Friday, 17 March 2017
I was told a story today about another analyst who bought into a 3X leveraged ETF on Monday as the GDX was hitting its highs and the market was quite bullish, and then sold for a 10%+ loss yesterday as it was hitting its lows when the market turned very bearish. Sadly, he and those following him were watching as this rally took hold today.
So, I think this is a good time to remind you of what one of our more astute members – Roy Prasad – has said about markets:
The goal of EW analysis is to analyze sentiment, not participate in it!
I am also going to take this opportunity to remind you WHILE THE MARKET IS UP that most should not be using leveraged ETF’s or options until the heart of a major 3rd wave is taking hold. And, as I have also noted many times before, I don’t expect that to happen until later this year, assuming we are able to complete wave 1 within the next month or two back towards the August highs. For those that had a hard time stomaching this recent pullback, please consider whether you are too heavily leveraged into this complex.
As you may remember from the weekend update I sent out to members, as long as we held over 21.60GDX on Monday, and completed 5 waves up, we could have a nice set up for a break out into the Fed announcement.
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