The hourly topping pattern looks perfect to me : , testback of the , one more pullback to 1370$ to stop out the early shorts - while smartmoney is selling the miner shares.
This decline should last for only a few days as on the 30th of May we not just printed a daily cycle low , but an intermediate low. So this 30+ days long daily cycle is only the first we should have 2 more. And the 2nd one is always the strongest.
So I will try to ride this decline down to 1300$. I'm quite sure we will tag the 50 before the low is in.
Right now we are fighting with the market's weekly . I'm pretty sure we are going to close below that level ( below1353$)
Thu Jul 07 16:02:14 2016 Special Margin Maintenance Requirement change
In order to effectively manage the risks associated with margin accounts, E*TRADE`s Margin Risk team periodically reviews requirements based on the concentration levels within your account. The margin maintenance requirement previously set for your account for the below holding has changed. This may increase or decrease the purchasing power you have available for trading.
Account ending in: XXXX-0814
Holding: GDXJ (VANECK VECTORS JUNIOR GOLD MINERS ETF)
New Requirement: 55%
Old Requirement: 25%
COT - large speculators added to short their position second COT report in a row, that is pure speculation - not hedging. Commercials REDUCED their long position this Friday's COT report.
Yesterday's open interest was reduced for both Gold and Silver, so the trend continues.
So if we open down on Monday and move below $1360, that suggests that we have probably topped on July 06.