[GLNCY] update

In my first post ever on Glencore, I pointed out that $2 was often the reversal point for these herd panic sessions.  Referring to the chart model below I wrote, "The chart is now heading nearly straight down and so just by that alone we know we are reaching a point of max panic.  The unemotional smart money is sitting in the shadows just waiting for the herd to calm down a bit before they buy this back up and leave all those who thought it was going to zero holding a can of whipsaw.  Just yesterday it was down 30% in what I suspect was 3 of 5 of C.  The waves are moving sharp and tight now so like I said, days not weeks until a vee bottom materializes."

 

Because of understanding of herding as human nature and in the EW principle as a timing tool I was suggesting to move into the stock while others were bailing out with their hair on fire.  The result is dramatic.  They just hated it at $2.07 but at $3.37 (well over 50% gain) it has the power to gap out over a long standing resistance line.  Nice unicorn tail there, yeah?

As always, don't even think of buying the peak. Buy the dip and only if you can see a proper EW 3 wave retracement.  And then use stops.  There is nothing that says this rapid move up will not turn out to be be a GOE which reverses back down to form perhaps an inverted owl.  But the idea that commodities stay down forever is a ridiculous one.  Once all the bad debt and bad debt based purchases are purged from the system - and this has been occurring at a high rate of speed - commodities providers are going to stand toe to toe with a useless, worthless global paper money supply and ask why should they continue to work to provide valuable goods in exchange for worthless paper.