Loading ...NEM: break out or not?
I have been following Avi EW forecast, and he thinks NEM has an ugly chart and should re-test lows or lower lows. However with EW, once a count is not working, analysts always have a competing bullish count if the bearish does not work. Therefore I prefer to stick to simple charting, and as far as my eye can see, the NEM chart does not look that bad after all.
Would like to have some experts share opinion on NEM, did we have a break out or not?
I don’t really think EW works for individual issues. Try as some may.
See Garrett Patten’s twitter for his GDX count (today). Coming up on large 4 by EOM.
Question — in a bull, wouldn’t silver miners and explorers be doing better, rather than far worse?
Question2 — has $ topped? euro bottomed? etc. My charts are still expecting more $ strength, well into next year. TWT.
Thx for comments. Regarding US$, gold is not always correlated with US$ movements, so I prefer to analyse gold and gold stocks separately for the moment, as maybe gold has already bottomed and $ not. Same for silver and explorers, we need 1300 to 1400$ gold for explorers to take of, not for producers that are part of GDX, same happened in previous bull markets in gold where silver can lag with months/years and explorers too.
Regarding EW count, I know Garret’s count, but I am pretty sure once GDX goes past 22, there will be an alternate count.
IMHO draw a line from the 2011 top thru the 2016 top and when NEM breaks that line …you have a breakout.
From here to there is a good trade though…IF thats where its going