Miners bootomed ahead of gold so I think it's very important to follow the miners before we talk about gold.
We printed a classic cup and handle pattern. After the big volume shakeout on 04th October (1) sellers clearly were drying up (2).
We a had a few days consolidation as a fight at the 200 SMA on average volume at the bottom of the cup and above average volume we broke above the 200 SMA and 10 EMA on the 18th October (3).
During the last 3 days we are not just holding the gains above the 200 SMA and 10 EMA but also printing a low volume pullback as the handle of the cup. The daily close was printed above the 20 EMA. When volume comes in next week we are going to break out of the cup&handle pattern.
The next 2 important confirmation that the bottom is in:
-the gap fill between 25 and 26$
- and the 10 and 20 EMA crossover
We printed a classic cup and handle pattern. After the big volume shakeout on 04th October (1) sellers clearly were drying up (2).
We a had a few days consolidation as a fight at the 200 SMA on average volume at the bottom of the cup and above average volume we broke above the 200 SMA and 10 EMA on the 18th October (3).
During the last 3 days we are not just holding the gains above the 200 SMA and 10 EMA but also printing a low volume pullback as the handle of the cup. The daily close was printed above the 20 EMA. When volume comes in next week we are going to break out of the cup&handle pattern.
The next 2 important confirmation that the bottom is in:
-the gap fill between 25 and 26$
- and the 10 and 20 EMA crossover
Comment:
Bear Island postponed.
There is not going to be one more leg down....
Just ignore the shortmen's post below.
GDX is testing back the 200 SMA on low volume again.
There is not going to be one more leg down....
Just ignore the shortmen's post below.
GDX is testing back the 200 SMA on low volume again.
Comment:
GDXJ - which is overperforming GDX - is just testing back the 10 EMA
Comment:
Thats the problem with the contrarians.
It's is easy to troll and scare the sh... out of ppl when price is moving against them like yesterday. I was posting and explaining when GDX and GDXJ was breaking down.
But I would like to ask where are you now when price is moving against you?
We we are waiting for your chart and explanation whats happening ?
It's is easy to troll and scare the sh... out of ppl when price is moving against them like yesterday. I was posting and explaining when GDX and GDXJ was breaking down.
But I would like to ask where are you now when price is moving against you?
We we are waiting for your chart and explanation whats happening ?
Today we will get our island reversal.