“Today marks another day of consolidation in the PM complex which was needed after the previous impulse move. These consolidation zones are needed to build up the energy for the next leg up. Knowing that the PM complex is consolidating should make it easier for you relax a bit vs some one else that doesn’t have a clue what is taking place. Those are the investors that are going to be whipped sawed to death trying to figure out what is happening. Also, consolidation patterns are not supposed to be any fun as the bulls and bears fight it out for dominance. One day the bulls will be in charge and the next day the bears take the lead. In the end both sides are exhausted as volume dries up. Knowing that you are in a bull market makes all the difference in the world because these types of consolidation patterns breakout to the upside.

For those that are watching the red triangle as the possible consolidation pattern the price action bounced off of the top rail today. It’s possible the red triangle could still be the stand alone pattern if we see a similar false breakout below the bottom red trendline putting the triangle into the morphing triangle category. On the other hand we could still see a move down toward the bottom of the trading range that would be perfectly normal. I mentioned several times, now is the time to learn patience because you are going to see many more consolidation pattern before this bull market is over.”

Next is the longer term daily chart we’v been following for the HUI which shows the false breakout of the top rail today on the blue triangle. Again if this triangle is going to be a stand alone pattern we may see a similar false breakout below the bottom rail which will create a slightly larger triangle consolidation pattern. Keep in mind this is only a possibility. We could still be pretty early in this consolidation phase before we see the completion. Follow the price action and don’t tell it what it must do

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Exciting Tmes