Consolidation complete. IHS and bull flag suggesting another leg up. Targeting 17+. Would love to see test of last month's highs above 18. Gold looks like ready for a 1450 test, possibly even as low as 1413.
We got another reversal confrimation today. Like gold, we are heading for a lower low on this pullback. I'd expect to see 15.8-16.3. Invalidate this position if the recent high from yesterday is taken out.
Had a clear evening star on weekly candles. We could see some dollar strength next week if Euro GDP #s are terrible, but in general, trend is down for DXY. Looking for retest of 96. SL would be this weeks high.
We've been consolidating in this range for awhile. Bullish set up showing. If we clear June high of 1296, it should bring 1326-1346 into play. The bull flag over last few weeks sets us up for 1330ish TP. The monthly shows TP in the 1326 and 1346 areas.
Invalidate if last weeks low is taken out.
Looks like we are close to breaking long-term resistance on monthly bars here. I'm looking for a quick run-up in June, with continuation in July. First TP is $135x, but if that give way we could see ramp into $14xx very quickly. I think crypto is keeping a little bit of a lid on PMs right now, so if that trade starts to wane, it should also add fuel to PM...
JNUG has successfully backtested the previous TL and is forming the handle of cup and handle pattern. I expect continuation around $2 (pre-split). That translates to $8 now.
TP is $30 (previous TP was $27 so I still may take some there)
Invalidate if previous TL is breached.
The similarities to the move from last year is pretty recognizable. We consolidated around 7-8 and have moved up to 12. This year is a little higher than last year, but I see us in wave (3) of (5). Wave 5 should take us back to 17-18.5, filling the gap at 16.52 (highlighted by red arrow).
I hesitate to say it will be exactly like last year, but so far, the...
The inverse h&s neckline is being tested in the handle right now. A brake of green descending TL from previous range would give immediate TP of 1.03 (top of cup).
IHS extension target is 1.15. With break of 1.03, I expect a move back to bottom of range from 2014 at 1.24. Longer term, cup & handle extension would give 1.64, but that would require a massive move...
If 2.3 is breached (and neckline of h&s formation), then expect all those post election gaps to be filled all the way down to 1.85.
Invalidate with daily close above RS top
Should coincide with USD drop and gold rally
AMZN down big AH to 801. Previous top and TL support intersect at 787, so I suspect a magnet to that price, and if that support breaks, 760 and 720 are TP. Ultimate scary TP is 650 which would be a double top breakdown target if 760 is breached.
Invalidate trade if daily close above 825.
Clear break of 1220 and the bull flag from the bottom at 112x.
I think we are in wave 3 of 5 after the ABC correction and will have a symmetrical recovery back into the bull channel from 2016. In bigger picture I think we are in wave (iii) of (v) which will eventually take us 14xx+
First TP is around 1246 which is .75 quarter Fib from recent highs, and also the...
I expect this ihs pattern to fill out over the next few days. Break higher to 1+ I think could bring 50%-100% gains in JNUG as gold goes 13xx+ (current cup and handle on gold daily has TP of 132x). This is extremely optimistic, but not crazy.
Invalidate with consecutive daily closes with ratio below .8