Progress of gold pitchfork, closed at top.
Gold closed right on the top of my shorter term pitchfork today. It overshot intraday and then pulled back right to the line. I like this action in confirming the pitchfork.
So often in the past 3 years, whenever I tried to draw any bullish pitchfork, the price never even made it to the median line before giving up and then crashing out of it a bit later. This tims it has gone right through the roof of the shorter term fork and even passed the median line of the larger fork.
Points to watch out for are: $1210, $1160 and $1080, also $1380.
I do note that the median line of the green fork at $1210, which has been visited or nearly visited 8 times in the past, offered practicably no resistance today; in fact, it was the launch pad:
The green fork has a parallel marked above the median line that has been support then resistance and may be resistance right now. There is a fair amount of congestion about that line from the past.
Good stuff…. GDX is losing momentum..
https://stockcharts.com/h-sc/ui?s=GDX&p=120&b=9&g=5&id=p22830740804&r=1455234887209&cmd=print
Cheers Tommy. A lot has happened since that posting. I think the hit at $1250 on Tue 24 February got turned away at the top of this same blue pitchfork, though the pennant action at that line is messy with respect to the fork.