- Just as the GDX , we have a beautiful parabola, followed by an attempt to go to 1180, which was rejected by the bulls
- This creates the / that was see now, which was just broken out of to the upside
- By finishing this day ( April 11th) above the 23% fib retracement, I believe we have invalidated any pattern, as the left shoulder failed to do this
- This is vital, for if we drop lower from here, that is a classic pattern, which would launch us to 1180 no problem, so this is why it is a "make it or break it" time for gold ...
- We are out of our 'middle tier' channel, and back into a smaller and much weaker channel
- This leaves me with some concerns but the same thing applies as to the GDX ;
- If it can break and hold above this channel and price action of 1270, that's when we should see the confirmation of a market, short term at the very least
Feel free to comment with questions or ideas :)