Gold expanded to the upside as expected. The consolidation took 10 days, which is unusual for wave ii (in green). According to the rule of alternation, we therefore have to expect a sharper wave iv correction.
Price appears to complete wave iii (in green). The red S/R diagonal may indicate where price could stall. This level is also at the median between two Gann...
This is a very asymmetric trade setup with nearly blue skies to 100 if it can catch some momentum in the coming sessions.
We also have a nice little fractal that shows us the path upward, should we break 49.
I would not front-run this one and would wait for 50+ daily close before a serious entry. With this level of confirmation in pocket, I'll be taking a rather...
SUMMARY - It's decision time again for Wednesday FOMC (9/22). Long term regressions favor black outcome. Intermediate and short term favor red outcome. The new low that occurred Sunday night to Monday morning is bending the short curves down really hard. This is what the binary outcomes look like.
DETAILS? - Both S&P 500 and oil look really weak. This is...
The GDX was in close watch and it is time... Technicals are favourable for a bull run, and so is the broad equity market. Also had broken out of the Buy Zone!
GXC the China ETF is just about ripe based on technicals. Similarly, broad equity market drift should hold in supportm and the immediate gap should be closed for a run up.
I see support with an old 9 day Demark Count Look Left we are at day 9 of a downward trend. We are at the bottom of a Boillinger Band on the daily. We are at the mid line of a LR on the daily with Stochastic bottomed out. Gold hit bottom of daily Range . I hope Im right. 7 percent in the next week. Thank you if you actually read this. Please comment. Oh...
looking back over 2021 the share price of this royalty company has done it all. We have seen a sell-off that culminated in massive volume (for this company) putting in a base. We then carved out a trading range before catching a bid to new 52 week highs. The recent breakout was welcomed, but the pullback to previous resistance on low volume, which is now acting as...
| GDX | SHORT @ 31 - 30 | TP @ 29, 28, 27, 26, 25 | SL @ 33 | PATTERN = DOUBLE BOTTOM BREAKDOWN |
PNF chart on the hourly shows a breakout, DOUBLE BOTTOM BREAKDOWN
The strategies I use involve a mix of PNF and Renko. My type of trading is strictly swing trading.
Gold is in wave 4 in the weekly time frame. Reform of US stocks increased the pressure on gold. Given the rigidity of a triangle such as wave B, one can expect the growth of gold to complete wave C of the triangle.
We could see a continuation to the downside from here to 1620 area by the end of September, beginning October.
That would take GDXJ to 34$ or so and GDX to 28$
If you long, at least enjoy the music.
GDX... has been very disappointing of late, but patience is needed for this one.
Previously marked out bearish notes and downside target, plus Buy Zone. It is about there now, and looks to overshoot to the target nearer to 28.
Be patient... be ready too.
SNIPER STRATEGY (new version)
It works ALMOST ON ANY CHART.
It produces Weak, Medium and Strong signals based on consisting elements.
NOT ALL TARGETS CAN BE ACHIEVED, let's make that clear.
TARGETS OR ENTRY PRICES ARE STRONG SUPPORT AND RESISTANCE LEVELS.
ENTRY PRICE BLACK COLOR
TARGETS GREEN COLOR
STOP LOSS RED COLOR
DO NOT USE THIS...
Grab yerself some NUGG for better R than GDXJ, but without that sweet sweet Divy.
15R, we are in in crypto / squeeze-job territory.
Stop below the green box -- good prices if you can get 'em.
Chart looks great, planning to enter calls expiring about a month out and trade into the resistance line, think there is more consolidation ahead before we see a strong enough uptrend to break that resistance. I Like The support level we are holding, good upside and holding a tight stop loss if it breaks under $30 to the downside.
These two ETFs are of some interest as they have been beaten down rather hard of late. More downside risk prevail, but just markign out the potential buy zones to look out for over the next few weeks.
Let us see how this pans out...