Posted by dallassteve on 9th of Jun 2009 at 10:02 am
GDX gapped up to 42.09 this morning, right at the 60 min chart
resistance. Now filled the gap going down. Looks like it is
going back down to 40, where the neckline is on the chart puma
posted yesterday (toggle). Will it bounce again, or break
down through the neckline? I was not nimble enough to short
at 42 this morning, but if I get a chance at 41.5 I will, and I
will be watching that neckline.
Posted by dallassteve on 8th of Jun 2009 at 04:02 pm
Puma, beautiful chart! Of course, there could be multiple
right shoulders formed before it starts the big decline. The
way this market is going, it will probably form a shoulder tomorrow
and then over the next couple days make a higher shoulder around
42.5. Just to confuse everyone. I believe gold is in a
bull market over the longer term, but I am sure going to short GDX
again.
GDX
Posted by puma on 8th of Jun 2009 at 03:57 pm
Looks like the 60 Min chart might now be setting up a larger potential H&S top. If it plays out, it measures down to 34-35, which is where support comes in on the daily chart -- a little higher on the broken uptrend line (backtest) and then at the 38% Fib from the Oct lows.
GDX gap filled
Posted by dallassteve on 9th of Jun 2009 at 10:02 am
GDX gapped up to 42.09 this morning, right at the 60 min chart resistance. Now filled the gap going down. Looks like it is going back down to 40, where the neckline is on the chart puma posted yesterday (toggle). Will it bounce again, or break down through the neckline? I was not nimble enough to short at 42 this morning, but if I get a chance at 41.5 I will, and I will be watching that neckline.
GDX chart
Posted by dallassteve on 8th of Jun 2009 at 04:02 pm
Puma, beautiful chart! Of course, there could be multiple right shoulders formed before it starts the big decline. The way this market is going, it will probably form a shoulder tomorrow and then over the next couple days make a higher shoulder around 42.5. Just to confuse everyone. I believe gold is in a bull market over the longer term, but I am sure going to short GDX again.
Yeah. I agree with your
Posted by puma on 8th of Jun 2009 at 04:08 pm
Yeah. I agree with your agreement. We're on the same page.
One simple question: the high
Posted by hornsant on 8th of Jun 2009 at 04:13 pm
One simple question: the high print today was 41.30, the same as the low of wave 1, so: Is that considered overlap ?
nice charts
Posted by ravun on 8th of Jun 2009 at 04:00 pm