An over 78% retracement from the highs of 2011 stopping right at the fib level. Entering into a long term cup and handle formation in this 8 year bear market in the metal. Very bullish in the years to come.
The bull market started in 2014 and now there's a consolidation, between the lower longer-term trendline and the upper short-term line we have possible triangle forming. The Squeeze indicator on the weekly chart is also about to fire off with no clue right now as to weather it will be go higher or lower.
It looks like instead of a breakdown that I foretasted, we are going to complete a 5th wave. we are getting some resistance from the trend line that I drew from the lower highs since the October selloff. We should be able to get past that. Obviously we have a big PUT underneath us, but I will spare talking about that because that's not TA
The last bearish triangle ended up rallying instead of selling off like I had forecast. But that rally was short lived because today we are right in the same spot making the same bearish formation. So which way will it go this time? The action in this market has been very odd indeed.
Upward wedge, looks like we may still be in wave three. Very unlikely that we are in wave five since we haven't seen a higher low. but its a very dirty pattern so I am considering this a truncated 5th.