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$USD Index on the edge of the cliff

$USD Index hanging on buy the skin of it’s teeth 93.06. This looks like the line in the sand for the $USD.

 

Bounced off 93.00 at 4:35 Am.

RIC.to Nice Breakout

Like Gold and GDX, Copper has broken out of its downtrend lines. Graddhy’s SuperCycle Bullish Commodities are roaring.

OIL is over the 58 previous high and running in new bull territory.

Good volume on this move despite the U.S. holiday. However. the energy stocks are still acting anemic.

GGI Crashing to 1.75 this morning

This could be a decent nickel project after more assay results. No mining until spring.

Commodities : The Big Three

Excerpt for Goldtent Readers

Tonight I would like to show you some long term charts for the big three, Copper, Oil and Gold. There are a lot of similarities between them which is strongly suggesting all three should be in new bull markets. The laggard is gold which has still not confirmed its new bull market but is getting closer as you will see. The key will be what the US dollar has up its sleeves so lets start with a daily chart for the US dollar.

The US dollar still hasn’t totally broken down yet, but it did have a failed inverse H&S bottom. It was a very beautiful and symmetrical H&S bottom that looked like it was going to reverse the downtrend that is right at a year old now. It had a nice clean breakout above the neckline with a clean backtest from above. All looked good. After a brief rally the US dollar declined once more to the neckline, but this time the neckline failed to hold support, strongly suggesting the H&S bottom was failing.

As we’ve discussed in the past when you see a failed H&S pattern you often times see a strong move in the opposite direction. The rule of thumb is that when the price action breaks below the right shoulder low the failure is complete. The US dollar is still trading slightly above the right shoulder low, but is now getting close to breaking that important low. Note how the neckline reversed its role to what had been resistance during the formation of the H&S bottom, to support once broken to the upside, and then reversed its role one more time to resistance on the last backtest from below.

Below is a 20 year monthly chart for the INDU which shows you what can happen when you see a failed H&S pattern. In 2007 that H&S top worked out beautifully, but it was a different story altogether in 2015. The two H&S patterns were about as symmetrical as they could be, but when the price action broke out above the right shoulder high in early 2016, the failure was complete and we have gotten a very strong impulse move in the opposite direction . which has been and continues to be a very good trade for members who are participating via the various sector ETFs in our portfolios.

Commodities should enjoy a weaker US dollar as they generally run inverse to each other. About 5 months ago Copper broke out from a very symmetrical H&S bottom on this 20 year monthly chart with no backtest to the neckline so far. There are no rules that says we have to have a backtest, but many time we do.

Now lets take a look at WTIC, Crude Oil, as it has a similar setup to Copper. Copper is a little further along in its breakout move as oil is just now in its second month

Comprehensive Report For Rambus Chartology Members

https://rambus1.com/2017/11/22/wednesday-report-186/

Happy Thanksgiving Commodity Bulls

🙂

Uranium update – what am I missing here?

15 year price chart of Uranium. How can there be a bull market in stocks if the price of uranium is still falling? this chart matches Fully’s U.TO price chart.

Uranium update; as said, we got the move, now we also got the BOs

I said two-three weeks ago in my comprehensive Big Picture Uranium update that the morphing was over and we got the important move a few days after that, linked below.
https://goldtadise.com/?p=415837

For U.TO below, we got that around the apex move I was looking for and the BO. This is the move I have been posting about for a year now saying that it will come.

The daily shows a powerful move out of the YCL, just what I said we were in for. On my weekly price interacted perfectly with the trend lines for my gigantic falling wedge and we are now high above the now support line. We have BO on my monthly above the gigantic falling wedge and here we also have a BO for my DB. A beautiful, powerful monthly candle. On the quarterly we got the bullish engulfing I was looking for. And, important, we got the BO on my quarterly too, meaning we broke free from all overhead long term resistance lines.

For URA below we got a nice move out of the YCL. On the weekly we can see that we now also BO above the most upper trend line; dotted thin black. This could mean that we now have started Weinstein stage 2 since there are no more overhead resistance lines. And the two perfect BTs to my blue triangle on the weekly shows that it was the correct move to change the placing of the neckline some time ago. On the monthly we now have a bullish engulfing, as we got for U.TO above.

We should expect a pull back at some point to the support lines but looking at e.g. my monthly U.TO above that pull back will not be very deep.

All other charts in my recent uranium post linked above looks fantastic and the other moves I was looking for happened, e.g. ratio charts turning et c, but no time now to include that.

So, as I have said since Nov 16 (Jan 16 really), uranium is on track and in a new/resumed bull market. And so is the rest of the commodity complex as I have posted on for about a year now.

With this reversal I nailed a bottom again in uranium, if I may highlight that myself. Now you will see, as I said for commodities a while back, now you will see other writers coming around to this. But they are late to the party as I see it. Compared to the crowd though they will still be years ahead, but we do not want to be a bit late or in the crowd do we.

See my Big Picture Series roadmap posts for where we are and where we are going, updated collected list linked below.
https://goldtadise.com/?p=407909
I have 100+ roadmap charts in these posts and they are all on track.

ADDED:
You have all probably read long uranium articles on the fundamentals and tried to figure out when and if it is going to turn. Did that help? No. It very seldom does. But when one skillfully interprets the charts you know what is going on. The chart more or less predicted to me that something was up. And the thing that was up was that Cameco cut its production in a big way. But was that the thing that moved the chart? As the chart looked ready to move as I saw it, it could have moved anyway. Did the market players know something was up? We will never know. We can never have the upper hand on the fundamentals, it is not possible. But what we can know is what the charts are telling us. And my uranium charts have told me since Nov 16 (really Jan 16) that uranium is in a new/resumed bull market. The charts will guide you if you have proper roadmaps, long talks about the fundamentals will only leave you guessing. With comprehensive roadmap guidance, using both traditional TA plus also cycles, it is we who have the upper hand.

Breeze EW: Uranium Futes, NXE

Uranium Futes

Triple nested 1,2s setting up …. on pullback from wave i topping soon

https://www.tradingview.com/x/b28ZlYry/

NXE

https://www.tradingview.com/x/L40U6oiz/

Note however, that Breeze has been on similar “nested” counts for silver recently … that haven’t panned out … as yet.