Loading ...It’s STILL a rising wedge !
Mr. Market is trying to make a mockery of me, as he often does with everyone. He’s an angry erratic beast, like a bull machine.
What’s interesting to me is that I initially got long miners when USDJPY was ~113.10, and it has since fallen as much as 60bps, and gold fell while it was making lows, and throughout the following chop the last 3 sessions. I’ll stick to my guns. If you remember the chart I posted (HERE) in one of my original threads, showing previous rising wedges in USDJPY, you’ll remember that each time the wedge broke, price retraced 80% of the wedge – and in the other instance over 100% of the wedge.
I’ll sit – unless we get an around the apex move which would be completely vertical, straight up.
PS – as I write, GDX is green. Showing a sign of life at the right time. Gold showing a bull falling wedge on the hourly –>
“Slowly, slowly, catchy monkey.”
Agree btw, $XJY can still fall from here and the $XJY rally case is still intact.
Posting updated charts now.
How much more do you think it can fall & still have a rally case?
$XJY 88.70 – 87.00. Outlier is China is closed for the week, which means unusual moves in markets generally are more likely.
On the daily, $XJY is oversold but that doesn’t mean it can not get more oversold. There is positive divergence on the shorter
timescale charts. I’m just watching, waiting and playing it by ear. I’ll post my 2 hour in a minute.