We printed a classic pattern. After the big shakeout on 04th October (1) sellers clearly were drying up (2).
We a had a few days consolidation as a fight at the 200 on average at the bottom of the cup and above average we broke above the 200 and 10 on the 18th October (3).
During the last 3 days we are not just holding the gains above the 200 and 10 but also printing a low pullback as the handle of the cup. The daily close was printed above the 20 . When 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 crossover
Today we will get our island reversal.
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.
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 ?
You did great job continuing holding JNUG ,it seems we will open with a huge gap since GOLD is up 3.5% . Unfortunately I got out on monday from JNUG ,took some profit because didnt want to see all my position sink if clinton would wins..
Now I want to reenter and buy JNUG if you think it will ride untill the end of year.. Should I enter at the opening or it will have a correction down before?
(I am a lso waiting for your update on UGAZ ..)
You are great !!