Loading ...GDXJ- Is this our immediate fate?
Half way pattern of a powerful impulse move?
The intellectual basis of this would be the rally over the past 2.5 months was an uncorrected rally where it build up pent-up forces due to various reasons. Once the support is broken it powers an impulse move downward in two separate surges.
And for those out there who “demand” forward visibility here is one scenario. Note the interplay with the projected 30 EMA and its base being built out at the PO of 32.
Keep in mind that tomorrow could bring anything. It appears that the market was attempting to put in a short term double bottom. We will just have to see it there is any followthrough:
Captain Plunger….your meds sir….you have forgotten your meds again
Thanks, Plunger. Here’s one guy who thinks you’re great.
If this plays out it will be an interesting ride and I will be adding at 30. From the UK It is not possible with the broker I use to place stops on US or Canadian stocks, so it is a case of taking profits and adding back at the dips.