- Copper inventories are at 10 years high (negatively correlated to prices during market bottoms and not tops) - Indexes are potentially in top forming process if they hold prices under ATH - Metals market might have a last leg down during summer, at least to create potential bottom before rebound, metals had, for the most part of the week, the right frame to go...
I SAW SO MANY TOP CALLING CHARTS SINCE A COUPLE A MONTHS. PEOPLE GOT BURNED AND FRUSTRATED DURING THIS PERIOD WHERE FINALLY PRICES WENT STRAIGHT UP, BREAKING RESISTANCE AFTER RESISTANCE TO ATH WITHOUT ANY NORMAL TECHNICAL PULLBACKS TO GIVE SOME OF THE TECHIES SOMETHING TO CHEW ON (I WAS PART OF THEM). BUT FINALLY, I THINK THIS MIGHT BE IT, AT LEAST THE CHARTS...
Since gold prices tested two times the 130.75$ support (GLD), thus forming a double bottom pattern acting like a potential bottom i have been buying metals. Nevertheless, current price action this week rejected 3 times 136.7$, consequently acting like resistance (Fibonacci 50% + EMA 34 daily). I have sold all my position and on metals and miners and found myself...
Metals might have a last push during the summer, we all have our special metals tickers to buy next dip but this one, the special "how to lose all you money in one trade" kind of trading approach that i don't recommend to anyone. Still, if you have to admit this is beautiful and highly possible.