Loading ...Franco Nevada
Looks like a good spot to pick up some FNV if you are inclined to be long here (I just added to my starter position from last week).
All my cycle forks on Gold and the Miners are backtesting near the bottom rail now. If they break down, I will likely bail.
These long trades are based on my Forks and Cycles but they are high risk right now as almost all of the current uptrends inside my Forks are taking the shape of a classic Bear Flag so I am watching closely which way this pattern breaks.
FWIW, the USD also seems to be forming a Bear Flag pattern off the big move down last week (UUP has the same Bear Flag pattern and on the 60min chart, it appears to be breaking to the downside of the flag).
Thanks Surf City in this most difficult trading environment…
EagleSeagle, The problem here, as I see it, is the broader stock market. If it corrects hard here like August, Gold will get a bid (flight to safety) while Silver and the Miners sell off with the rest of the market. I would be interested in what your VIX indicators are showing.
http://stockcharts.com/h-sc/ui?s=UVXY&p=D&yr=0&mn=6&dy=0&id=p31884821153&listNum=1&a=384204572
I have FNV on IT and LT sells … IT sell is fresh.
Come back in the spring.
I’m suspecting the annihilation phase is around the corner.
The tsunami is coming at some point, but flopping fish (0.25%) may still look better to most.