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Pure Plunger (HOT!)
There are important economic releases tomorrow, namely weekly jobless claims and FOMC minutes. Market may be waiting for that before breaking one way or another.
Playing around with some pattern-matching techniques I have used in the past and have convinced myself that $BTK should move north of 3900 in the next week or so (+15%). That would surprise a few people, no?
During the last couple of weeks I showed how I thought a diamond or W bottom was forming on the GDX daily charts. Now I believe we have a diamond top forming on the intraday charts. I think this will simply signify a corrective move back to shake out some weak hands before continuing to push up towards $18.
Hey Chartology-freaks 😉
Tuning in here until Rambus-site is fixed. Here is what I see on GDX/DUST.
GDX just did a BT on the daily (see fork blue line).
I see 12.50-ish-area (DUST) as an area of confluence. Too many lines coming together there including 2 kind of fork (black+red). I will back-up the truck with DUST when it is around there and due to factor-time (maybe this Friday 10/09 but possible next Friday 10/16). Pink is a small GAP. Black-dotted lines are (all) parallel. Target GDX = around 16.80-ish which meets the 12.00-12.50 for DUST meets the 150dMA on GDX-daily.
DUST – LT:
BO above 43.5
next target 44.7
Yesterday closed all shorts, now long SOXL, EDC, GDX, GDXJ, FNV, ERX and UCO. Today going long XLB, EWC, SIL, SGDM and FCX. We may get a pullback in the miners for a better long entry. But the bias is now long, until it isn’t.
Unable to post the trade bias table or any media…proxy server issues again. Its remaining problematic. IMO somebody has issues with our club, and wants to shut it down?
according to his matrix, gold is to top at end of oct
Watch from minute marker at 3 min on.
I am somewhat neutral regarding if this has further to go upside or its a flameout right here. Can argue either side, however looks like we need to pull back right here right now. Note all of today’s price action outside the BB, plus todays candle is a hanging man. neither element “requires” an immediate pullback,however both together increases the probability. Stochastics and every other indicator are now headed up so it will require some time to convert this move into a downtrend.
On a perverse note this could be the markets way of cleaning out the shorts before its final liqudation move to the bottom of its 4+ YEAR BEAR. Also such a move would first require the bear to reload with fresh new long positions to give it the fuel for a new power downside liquidation
it just went up from 20%
Looking to sell (via DUST) the gap up open. Again, this will most likely be a very quick trade just to play the corrective move back down. Any chance to buy the GDX on a touch to 13ema on the daily will be a gift right now.
We hit my NUGT near term target posted a few days ago a couple of days sooner than expected. Still a sell target awaiting a pullback from here.
Near term NUGT structure further suggests pullback to come.