My last post on SIL was on 4/29/20 and the target I gave at this time turned out to be accurate. ( see link below). Current view. I am still intermediate term bullish but from the daily chart you can see we are in a short term down trend. It could start up now at the midline of the daily channel, OR it could move down to close the gap, OR it could move down to...
EWT count looks encouraging to me. Falling wedge reversal pattern. Positive reversal in the daily RSI. Process your way. From Zacks: Euronav is a tanker company. It owns, operates and manages a fleet of vessels for the transportation and storage of crude oil and petroleum products. The company also offers ship management services. It operates primarily in...
It looks to me like upper channel line has been hit in both the weekly and 1 and 4 hour channels. Notice the mid channel line gives support and resistance in both of these channels which to me means they are likely drawn correctly. BUT all such analysis (esp. calling tops) is often wrong SO wait for price action to support this analysis before investing.
This is how it looks to me. I expect a little more dropping of precious metals as this makes sideways movement the next week or so. Then likely a drop to to the 2018 low. Given the "M" shaped appearance on the weekly chart if the price drops and holds below the 2018 low we could longer term see a drop to the 2011 low.
Since the last posting there was one more drop of the to close one of those "nasty" gaps that Mr.(or Ms) Chart seems to hate to leave open. Would not be surprised to see rise from here. Process your way. For target see previous post with link below . Take care.
Has jumped up over 100% in last 3 days. Note large volume spike on weekly prior to current jump. Like most biotechnology stocks expect a volatile ride and always risky. But this one looks like it has great long term potential. finance.yahoo.com
Follow up from the 12/3/20 post (link below). Clearly previous post was early. I've redrawn the parallel channel that started in 2009 to include the entire expanding triangle labeled (3)-(4). The target box on the 2 hour chart is based on the fact that often there is a Fibonacci relationship between the 1st and 5th waves plus the channels. BUT all this can be...
SPY is at the top of the up channel on more time. Just watching for some convincing down price action. Notice for the first time since 2009 the weekly RSI went sharply below 25 on the last drop labeled (4). This kind of action in the weekly RSI often is a precursor to more bearish action ahead. Like all "signals" they are never 100% consistent. But that signal...
In April I thought GDX looked positive and it turned out to be correct (see link below). I still favor we have one more pop up before a possible major correction. Looks like a bull flag now. I close below the flag would be negative. Process your way, Have a great weekend,
Going long on break up. Process your way. from Zacks: Titan Machinery represents a diversified mix of agricultural, construction, and consumer products dealerships located in the upper Midwest. Their Shared Resource Headquarters is located in the heart of the Red River Valley in Fargo, ND. Titan Machinery is a dealer for Case IH, Case Construction, New...
Recently I suggest a bounce up was likely and it was correct.(see link below). Here is my current favored EWT count. It is supported on the weekly by negative divergence in the weekly RSI and dropping volume. The same is true on the 2 day chart. Also the suggest down arrow on the the 2 day chart is right at the mid-channel line which often is a resistance or...
We are close to support from the up channel and there is a bullish divergence in the 2 hour RSI. So I personally covered my shorts today. BUT process your way. And have a great weekend.
On the weekly chart you can see the longer term uptrend line as been taken out but the previous weekly low. On the daily chart you can see that since March of this year we have been in a down channel. This past week there have been a couple of intraday extensions above the down channel which is sometimes a precursor to a move up. What happens this week will...
Its been in a converging triangle. If from here it goes above "d " I think we likely will get a rise to the target box. If it drops below "c" then I'm wrong and likely more down action ahead. Be patient and wait for a signal. Take care.
Watching for short term downtrend line break up and then down channel price break up. Process your way.
This is a f/u from 9/7/20 Notice the RSI can be used as a oscillator. The "nnl" on the daily RSI stands for "no new low" . When a oscillator cycles down but the price does not that is positive as it has been for the last few cycles. I think it is likely gold will rise in the new future just as I expect the US Dollar to fall. Plus there is fear in the air in the...
IWM is very close to multiple potential resistance lines. (rectangle) I would not be surprised to see a reversal soon, like with the SPY. Looking for price signal of a reversal such as bearish candle pattern or a price drop below a up trendline break. Note: long and shorter term drop in volume. There is a potential bearish divergence in the daily RSI. IFFF my...
In EWT one type of correction is 3-3-5 called an expanded flat. see:http://www.elliottwave.net/educational/basictenets/basics3.htm IFFFF that is what is happening now often the correction will go to .62-.78 return to the first way down. (target zone) shown. Watch for price action at this level which suggests the winds have changed to down.