$GDX Symmetrical Triangle or Descending Triangle?
Bring back technical analysis . Too often I've been seeing people just posting a picture of the price action and then an arrow going up or down with the title "Long UVXY" or some garbage like that. Nobody gives two farts about whether or not you entered a position. Show me some fibonacci. Show me some technical divergences. Show me some diamond bottoms. Show me something. I don't care if we're on the same side of the trade, or on opposite sides, but at least justify your position?
If you don't have anything to add to the conversation, don't detract from everyone else's by humming.
#BringBackTechnicalAnalysis
Chart: Struggling to identify the correct pattern that we're in. On the daily it looked for a long while like we were in a symmetrical triangle. But we never touched the top of the trendline I drew and so I questioned it and looked at the chart longer and found the previous two bottoms of relatively equal level odd. Which leads me to propose that we may instead be inside a descending triangle which would solve both of the problems on a medium term timeline. I'm still leaning towards Symmetrical triangle on longer time frames.
We're at the 23% Fib retracement level. Along with a support trendline at the beginning of the C wave. I have a bull bias, but I suggest that we may bounce here all the way to the top of my original symmetrical triangle to complete the D wave, which would make my descending triangle explanation false.
Conclusion:
Short term - Neutral (Multiple Supports)
Medium term - Bear (Need to complete the pattern at E)
Long term - Bull (Longer term analysis strongly suggests bullish momentum nearing)
If you don't have anything to add to the conversation, don't detract from everyone else's by humming.
#BringBackTechnicalAnalysis
Chart: Struggling to identify the correct pattern that we're in. On the daily it looked for a long while like we were in a symmetrical triangle. But we never touched the top of the trendline I drew and so I questioned it and looked at the chart longer and found the previous two bottoms of relatively equal level odd. Which leads me to propose that we may instead be inside a descending triangle which would solve both of the problems on a medium term timeline. I'm still leaning towards Symmetrical triangle on longer time frames.
We're at the 23% Fib retracement level. Along with a support trendline at the beginning of the C wave. I have a bull bias, but I suggest that we may bounce here all the way to the top of my original symmetrical triangle to complete the D wave, which would make my descending triangle explanation false.
Conclusion:
Short term - Neutral (Multiple Supports)
Medium term - Bear (Need to complete the pattern at E)
Long term - Bull (Longer term analysis strongly suggests bullish momentum nearing)