A lot of bearish
signals here, but one could argue that there are some pretty bullish
ones too. The obvious bearish pattern
is the potential H&S
forming. Bellow average volume
on the right shoulder is a clear signal as well as the symmetrical candles compared to the left shoulder. It's seriously almost a mirror image. But on the flip side, we have a potential bullish
MA cross happening possibly as soon as this week.
is looking like it has started to curl up which is bullish
. However it could just be a head fake like what we saw on the week of May 23rd (opposite). RSI
level is pretty much at a neutral point and could swing either way. Gold
is getting a little top-heavy right now but with the elections on Tuesday, it could keep climbing.
Bottom line, we'll know by Wednesday which way GDX
is going. I'll be looking at starting a position then...