GDXJ backtest

Nightingale showed the perfect backtest in $Gold and how it backed off.
SilverFox then showed a perfect backtest in the HUI in a post below mine.
The same backtest is seen perfectly in GDX… and lastly I wanted to show the perfect backtest in GDXJ as well.

When I look at all of these things together, it looks awfully bearish. Backtests in gold and every miner index I look at. If it looks like a duck…

In the chart below, you can see that each successive high is lower than the previous. Its moving in a reverse parabolic fashion. If the long term support level at 28 breaks, it’s in big trouble. Honestly, the whole thing looks like a reverse cup and handle.

NXS.V

I know some goldtent members are interested in this explorer.  Some similarities to December, 2016 in my opinion, RSI, Slow STO, 34 EMA….  Sure wouldn’t mind another ride like that 🙂

 

 

$HUI Daily

Is the triangle a 1/2 way pattern to the down side? Not saying the HUI is going to test 130, but it does looks like it could happen.
Boy, would that ever wring the bullishness out of us bugs! It would require composure, courage, and cash to buy at HUI 130.

Disclosure -I am flat the miners right now, except for select explorers.

Some EW forecasts

http://www.elliottwave.com/Metals/Copper-Gold-and-More-A-Fresh-Look-at-Industrial-and-Precious-Metals

STILL IN THE GOLDEN TRIANGLE

It looks like we may go all the way to the apex with this one too

Its about 12 more months…Can you all wait 12 months ?

Bullish and Bearish patterns duking it out

HUI Morphology

Remember we had this triangle and whichever way it broke was THE move.

Well Mr market said no to that idea…too obvious I guess.

The original Triangle broke out BOTH ways and now price is right back at the apex

Rambus teaches that when a good pattern breaks out but falters…time to redraw the lines…This is called a Morphed pattern.

New triangle to follow is the dotted red .

GBTC

Bitcoin Trust…last time we looked it was 190…wow

Tough to trade this one

update on DWT, DGAZ

Excited DWT … awaiting 1-2 days more before re-entering.

DGAZ doing just fine. Once DGAZ get above aprox 20.85 it is GAME-ON towards 32-35-area.

JDST doing awesome too.

BT completed

Yesterday (and or today) BT seems to be completed. Sorry Bulls!

See GLD-daily + HUI-weekly + HUI-daily.

Once GLD breaks the black line and MA(50)+MA(200) …. we can expect TIMBER. If HUI can BO above … I will get ST-bullish.

Pullback in gold?

Maybe gold/silver will pull back later this week or next week into June 14 Fed meeting as action in Gold vs action in US$ is really very weak. Normally we should have up days of 20$+ in gold!

Some market observers have same idea: (Eric Hadik is seeing bottom in June ). Of course this cycle analyst can be wrong too as on some occasions instead of bottom they see top as there is inversion, so caution is always warranted!