Gold is trying to base here to get ready to turn around and head higher. The miners already have a double bottom in place. Now waiting for GOLD. Its not really showing much conviction $3 rally is nothing. I still think we go to $1200 before we go higher. Maybe just one quick puke away!
GDX Double bottom? GDX just hit a double bottom. Waiting now on GOLD to reverse. If GOLD doesn't stop soon, $21.43 next stop for GDX. Thats the 88.6% retrace from 2008
I've discussed VIX and VXX before. A base seems to be in. As long as the blue trend line holds, there is no reason not to think this will go higher. Perfect spot to go long. The downside is so minimum.
VALE has completed an AB=CD pattern to the bottom of the trading channel trend line. Its forming a double bottom and the MACD is crossing over. Going long here.
GDX could be at the bottom. The completion of the AB=CD pattern is in. We also are at the trend line. XAU is bouncing. Its getting very close. Getting ready to go long, but not ready to catch the knife. Need to see some conviction with XAU. Check my chart from a week ago when I went short with DUST
The NVO breakout continues. The break above the bull flag consolidation (thin red lines) signaled a AB=CD pattern. The CD is almost complete note the Blue line. The breakout above the previous high (red line) might be a significant trend.
Buying NVO here on break above trend lines, MACD cross over, and strong fundementals,AB=CD in play at least to $49
XAUUSD (GOLD) looks to be headed lower. I see nothing to change my opinion to $1200 gold. I agree there is a possible support point at $1240. We are very close now and gold could bounce. We are still in a downtrend lower highs and lows. You can see the AB=CD pattern (red) from March. Confimring a triple bottom to come at $1200. The $1200 target will also be the...
VIX (VXX above) has been bottoming forming a slight (very slight) up trend. Chance to make 12% gain on a 50% retrace of the previous high.. Downside risk 2% get out if the dark blue trend line breaks. MACD crossing
FCX is currently in a downtrend. Expecting prices to correct to $34 (completion of AB=CD pattern) minimum or further down to $33 which is the longer term bottom trend support and completion of the harmonic pattern. Fundamentally undervalued compared to rivals. Get ready to switch over to a long position.
Gaps tend to get filled, this should be no different. Short term play to $21.80 anyway, then let the trailing stops take care of it.
XAUUSD (Gold) may be setting into a 3 drive pattern. Also a triple bottom. All at the 61.8% retracement from the runup from 2008 to the high. Buy in at $1200, set your stop below 1163. If it goes below 1163 get out. Fingers crossed for GOLD here.