GDX to 27 at least. May go slightly higher first, but it's close to a major turn IMO. If it breaks support at 27, it can go much lower.
Last week we had a sell signal and the weekly candle was an inverted hammer, but I'm cautions to call a top to this rally. In fact, I think it's possible we may rally up one more time in a day or two. Having said that, I'll give two options for this week. The first option is represented by Blue arrow/RSI. I'm leaning towards this as the primary idea. Here...
Last week ended bullish - above the 50 ma, bullish hammer on the weekly chart, still well below the daily upper Bollinger Band. I think this week should stretch upwards a bit more, hugging the purple channel on /ES and squeezing out shorts. I also think we're close to a turn downward, but last weeks failure to make any real bear tracks means (to me) that we've got...
We gapped down overnight under the support/resistance line (red) on spy. If we overtake that line today it's certainly bullish, but if we don't - we may start having our move down. Oil collapsing and various downgrades today may shift sentiment, but they can't be counted on. The obvious target on spy is about 248 which would fill the lower gap (pink line)....
We'll most likely hit 2900+ today regardless of news. 2961 would fill a small gap on futures. Under the red trendline would make me feel comfortable adding more shorts to my position as that red trendline should be support. If we break below, it will be resistance. That may not happen until next week I notice some traders are getting more hopeful the bear...
Sell signal finally came last night after 5 waves creeped up. I still expect we will have a double correction, although there's no way to know for sure. It doesn't seem right to me that we just fall hard again after such a small amount of time. Also, after a strong rally like this, there should be some who want to get in - a final 'buy the dip" crowd near 2450....
Didn't see this possibility until last night. Daily/weekly bear divergence + resistance at upper channel tells me this expanded flat may be playing out. After C is complete we should have another large impulse up. Good luck!
Hard to say where Oil will go right now, but the Blue trendline should help decide the direction. IF we successfully hold above it and break over the red line resistance area, I think the start of the gap @ $36 would be the first target, with $40 (gap fill) being the second. We'll have to see how the Opec meeting goes on April 9th.
I didn't have a lot of time today, but I wanted to get out a quick update as we're going into the close. This idea came to me as I was looking at complex triple corrections last night and saw similar patterns on the recent SP500/ES price movement. The reasons I like this idea are both 1. Technical - bearish divergence on hourly RSI, DMI bearish cross on hourly...
Stopped out at 2565 last night, because that should have been the high of my supposed 2 wave. After last nights price action, a 5 wave impulse down is most likely wrong so I had to rethink it. This correction appears to be a WXY - and X may want to get to about 2610 before reversal. That may happen this morning. Afterwards, we should start pulling back to the...
I'll try to make my thoughts as clear as I can. Friday ended in an inconclusive way for me. On one hand, we are still in a bear flag formation, and didn't close above the bottom of the small Blue channel - that seems bearish. On the other hand, we ended above the larger Red channel with no bearish divergence on the RSI - that seems bullish. So what to do?...
Possibly one more high on BTC but I see this corrective move coming to a close soon. The trendlines should keep shaping the price for the rest of the month until the target of around 3300-3200. Good Luck!
Until it doesn't..... Lots of moves last night and this morning, a very complex correction. I got stopped out of my longs and have been waiting for a resolution. Still looking like a bearflag overall. Below the red channel line would give this idea more confidence. Target to the upside could still be 2550-60 area, we'll just have to see. Good luck to all
Bruce Linton's (former Canopy Growth CEO) newest project looks promising fundamentally and technically. Be very careful with penny stocks as they can go to 0 overnight. It's worth reading about them and following this young chart if you are interested.
ABC Retrace should be finished here. Slightly past the .618 which is typical for Gold. I expect a larger wave down starting tonight/tomorrow. 1500 area should be the first target - good luck!
The correction overnight created a channel (screenshot below) which needs to breakdown for more confidence in this idea. We could still get to 2510-20 area before that happens. The hourly structure now looks like a bearflag, which should reach a target of around 2250. Some may also see a weak head and shoulders formation. Either way, I think we'll sell off with...
Overnight we broke down under the channel trendline (red) that I've been watching. They sat on it for quite a while, broke down, retested it, and then final failure. It does seem that the channel trendline is/was important to the shape of the price movement and should help us decide which way price wants to go. I see two possibilities for today - both marked on...
I should have seen yesterday was a creeping market and either gone long or stayed out completely. They say "never short a creeping market" - that's a lesson to remember. I would add - "long a creeping market on pullbacks and trail a stop." That would have been the profitable move yesterday. This new main count seems the most reasonable right now. We have...