No daily bearish divergences, earnings are now past with a good shakeout. Positive MJ news coming daily so that may be the "reason".
NY state still no announcement of legalization but NJ has voted for it. NY won't be made fools of by NJ folks, believe me.
Short squeezes on the Ray are usually pretty fast. Cup and handle, head and shoulders, whatever you want...
Perhaps one more high but the trendline should hold the price back. Seems to be a clear ABC structure.
3460 area seems logical for a target. Then I think we probably rally higher past 3700 for the final push. That should be the most frustrating play for bears and the most convincing trap for bulls. Good luck!
lots of confusing corrections on the DXY in the past weeks, but today I think we finally start toward the target of 95.80 more or less. Afterwards we could have a much larger drop on the DXY, but we'll have to see how things look when (and if) the target is reached.
Objective short here with a tight stop - It could get saved overnight. For me it's bullish over 3333, otherwise the 200 ma looks likely sooner rather than later. If this plays out, maybe we get a more significant bounce from the 200ma back to the trendline again - or we just waterfall.
We have strong daily bullish divergence on the daily chart getting ready to play out. The higher the number, the more silver it takes to buy gold. In a downtrend, Silver would lose more (percentage wise) than Gold. I still expect 134 to get hit at some point (perhaps early next year). This is based on the mammoth head and shoulders formation on the monthly chart...
I know I've been early on this too many times. I'm also aware than many think "What bad news could possibly bring this thing down?"
Well, it won't take much news at all if the institutions want out quick.
We have triple weekly bear divergence on the RSI (quadruple if you want to go back to January of 2018). I think sooner rather than later we are set for an...
With more upside probable on the dollar, this kick back rally may be close to being over. 18ma (purple) is the test. If it can't get over the 18ma, then we probably go lower to the 200 MA area (3100ish). The geometry looks correct for more downside right now - which most traders are not expecting.
good luck, sunship
Looking good for a major bounce with daily bullish divs and corrective structure (looks complete). I still watch this sector because it attracts retail traders especially.
The entire MJ space looks about ready to get attention again, probably having to do with what some politicians will say regarding legalization.
Having said that, this is a bounce play. I...
There may be a bounce for a week or so but in general, I see this playing out to about 240ish (or the 200 ma) before a larger counter rally. If the channel doesn't hold, we're looking at 220 area.
I think the high is in, but the unwind may take time.