Loading ...Bearish Structure Persists
Noting classic spike & ledge structures followed by breakdowns on the GLD chart. For those who have followed Linda Raschke, this will look familiar to you.
Edit – just glancing at some of the big boy miners…they are looking really bad and on the brink of busting support. NEM is already down 5.6% this week alone.
NEM
ABX
Started reviewing the GDX 15-min chart this evening and I suspect we will see another bearish flag emerge tomorrow that could drift into channel resistance. This movement will likely bring out the bulls calling for a double bottom. If prices manage to hit resistance again, I will add to short positions….otherwise I’m just in hold mode.
http://schrts.co/D7gmkH
Interesting; However, being a short term MOMENTUM swing trader I am not convinced till the MOMENTUM proves the pattern…Very informative–thanks!
I agree you got it right — but the volatility is driving me nuts. You really have to have excellent entries and I have only been OK (and sometimes bad) at that.
I Look at it very similar to this analysis, maybe proven wrong in the short term but overall I am trying to build a larger bullish position on the pullbacks to have more shares for the next bull.
When there are 0% bull signals on the bpi, just cant imagine risk reward is in favour of the bears. I could be 100% wrong…but name an index that has ever had 2 o % readings on their bp index. I cant imagine there has been any other, name one?
That is the question on the table, name another bp index that has 2 readings of zero? All other answers need not reply as it is my only question even though it may have no bearing at all on future performance. Just very strange imho.
http://www.acting-man.com/?p=39726
I think the acting man author is missing what’s truly interesting about the current trip to bullish % ZERO…..there is no one buying it this time! This is good news for bulls…..soon….but not yet. It means there is more selling, capitulation style, just around the corner but it also means the bottom is probably only months away IMO. I’m looking for a total exhaustion move now vis a vis a flush like many others have forecast. The gold faithful are giving up and that’s great news….soon….but if you go long now I suspect you will be sorely disappointed…..gold is going into the $900s or lower.
See my observations attached.
http://schrts.co/qhpMy0
I am beginning to question my sanity on these 3x ETF’s. Just when I think that resistance has been broken, I buy and then everything immediately reverses. I make some decent gains and then I get mickeled and dimed all the way back down. It’s a tough market.