support for 21.50, page-9

Yesterday's 21.54 got us to 13% down from 24.77. I feel a bounce is from 1 to 3 days away as NCM can still get up to a 15% fall from 24.77. It depends,

a. It is one day away if NCM closes above 21.81 today.

b. It is 2-3 days away if we get more weakness in gold price in US tonight. This will cause one more step drop in price to the low 21.00 area. I don't like the current shape of the stochastics as it supports the theory of one more step drop coming.

So I'm holding back the truck until I see a close above 21.81 today. If scenario b. plays out tomorrow or Friday and we get one more step drop down to near 20.89 or 21, then that will definitely be the correct time to load up and be fully laden.

The shorters know this possibility so they are also on edge, not exactly knowing if they should keep their short positions or not. Whatever the case, we are nearly there and we will get at least a 5% bounce.