Loading ...Ungrateful PM holder ;-)
I mentioned in one of the comments that negative divergence is forming now, similar as one in April 2022. I though to post it. Just a warning though, you can’t rely too much on only one chart like this. I’m doing this guessing game just for fun. I’m not planning to trade or reduce my shares. My positions are small. If we do get stronger correction, I will be adding. If we don’t get stronger correction, even better. I’m just guessing!
Negative divergence (between faster and slower indicator) on April 2022:
On chart bellow you can see similar divergence April 2023 and now. Hmm April again?!?
Personally I hope miners go as high as possible before correction. I would like to see nice higher lows and higher highs pattern. We are almost there. But higher is better. Once trend line gets broken, there may be correction in place. Or may not of course 😉
Seeing the same.
We’re in a fifth wave to the impulse (Wave 1?) for GDX that began late Feb.
What comes next will be interesting.
Bulls expect a corrective Wave 2. Then the monster move.
Could it be something else?
Ahh, well things now got more serious 🙂
Thanks for sharing your thoughts and analyses.
Been holding strong since late FEB. The doom porn will intensify as prices rise. Be right-sit tight
Yep, good for you. Similar here, I was buying March first, I posted couple buys here. Holding those for a few years. If we get this correction, it will not change anything for me. Holding for long term. All it can happen is, I can add some whenever in the future correction is strong enough, (PM like to shake weak hands out occasionally with sometimes brutal corrections) since my positions are small. When I was buying, I was thinking shares will go lower and I only bought first tranches.
Buck, if you go back a bit further on the 2022 chart to April of 2021 one sees a left shoulder. From April of 2022 to April of 2023 the head forms, and from April 2023 to April-May 2024 one sees the right shoulder. Thus, my hypothesis is we won’t see the big drop like in 2022. I think we get a break out of the inverse H/S which has a price target of $62.25 from 05/10/24 close of $35.25.
Sorry for late reply.
Yes I see it. GDX has several shoulders 🙂
It is maybe more precise to say, it is multi year basing pattern than inverse H&S?!? I generally don’t like H&S patters, they seems to fail more often than they play out. It may be just my bias of course.
But anyway, looking over several years like you suggest, it indicates huge, long basing pattern with some kind of break out and move way higher should be in place. Hope it plays out this way, some of us are waiting long enough. 🙂
Thanks for sharing!