I didnt plan on talking about Gold & Miners but…
March 27, 2014 Yesterday I got a few emails asking what I thought about the meltdown in Miners. I cant say it wasnt expected, but I can say it was faster and steeper than I expected. On March 20th , we saw a "THRUST" in the price of Miners, but it quickly failed and broke below our consolidation triangle. That means further downside....However I thought we would get a "TEST" of the Triangle and then continue down as seen in this chart of GDX from March 20
The "TEST" was QUICK (Intraday) and the drop has been fast and on High volume, as seen in Todays chart.
How far will it drop? Are we at support? Is selling done? And IS that an Inverse H&S forming?