Buy at the bottom of the wedge trendline for a good risk reward setup. Remember that the major indices internals are extremely weak and that the environment for a crash in stocks is high so size your risk accordingly. I am personally keeping most of my portfolio in cash. It's possible everyone is banking on the inflation trade and that the markets fuck everyone...
Expanded Flat - 5 waves down for the A wave. Zig Zag up for an extended the B wave. C wave yet to come which will fill the pink gaps to the 123% fib retracement level. Vix is also coiling.
I am long commodities like silver, copper, nickel. Short equities. I think treasury yields are going to continue rising.
I am not an expert and I have been wrong on the S&P500...
I saw this pointed out by Sven Henrich. A big fat rising wedge with a negative divergence at the top there that we just had. Some insane gaps below as well point to some possible underlying weakness. The Moving averages look great, until they don't... Make a sacrifice to please the JPowl God or this may get ugly.
Gold continues it's consolidation with a death cross on the 200ma right at a critical resistance level of the lower channel. I think if we see a decline in 10Y bond yields it could save gold here, if not look to pick it back up around 1500. Hard to pick what's going to happen here.
SVL silver mining company on the ASX is trading within an ascending wedge pattern whilst forming a small positive divergence on the RSI. There is a gap below to be aware of that may be filled if price breaks down from the current pattern.
Disclaimer: I own this stock with a buy price of 0.23
I think Silver might be gonging through a cup and handle pattern and wedging now for a break out to the upside. Maybe a good hedge against yields rising and inflation.
Disclaimer - I own stocks in a silver mining company on the asx and I am no expert at technical analysis.