Miners have been accumulating for years. Recent volume at lows suggests price might be ready for mark up. Classic accumulation setup in my opinion. Time for miners to lead metals up.
Reversal possible off lower E into the holiday weekend as the shorts have had their fill smashing gold. Now they will load up and go the other way for several months is my guess. The miners should lead the way as they did not break down like gold did which shows positive strength. IMO>
A follow up to Sunday's video on Gold, the commodity, GDX looks like it is almost ready to break out of this consolidation. The fundamentals are clear and suggesting you want to look to this sector now!
Hope you guys enjoy, I would love to hear all and any feedback.
Have a great day all!
Not sure what to make of this chart. The FIB 62 support has held for 15 months at a touch over 21. Not sure what to make of the shorter term support in place for this year but if the overall market keeps moving up the miners may need to come down and test the FIB 62 again.
Here's my 2 cents on the miners. Based on the last 7 months or so, it looks like we had 2 cycles and are currently in a 3rd. They range about 109-137 days. In each of these waves you can see three minor waves. If we are currently in the 3rd wave of the 3rd cycle then I would expect it to be LT and drop fairly soon. It shouldn't take out the highs of April unless...
