Author Archive for: Alex - Chart Freak

APRIL 15    Some  see a BULL, but look closely , some see 2 men arguing whether its really a Bull.  Well ,if you follow me  on Twitter  you know that for a short while now I have posted charts calling for a drop in GOLD & especially the Miners GDX/GDXJ.   I still think the GOLD Bull is alive, but even strong Bull markets experience healthy corrections to lower sentiment and kick out the weaker hands.

In calling for a drop here, I have had a few Gold Bulls say that we recently had a 'double bottom', so another drop here and the Bull could be over. I was also told we'll crash thru last Junes lows , because "There is no such thing as a double bottom"!

Well, I found something that blew my mind and I wanted to share it with you. PLEASE STUDY & MEMORIZE THE SHAPE OF THE GOLD (GLD) WEEKLY CHART BELOW.  FOLLOW 1-5 on the right hand side, before moving on ...(Click chart to enlarge)

The RUN UP, the TRIANGLE, the false break upward, the drop thru support, the double bottom...

-if we drop again,  MUST WE CRASH THRU JUNE 2013 LOWS?

-Is there really  "NO SUCH THING AS A TRIPLE BOTTOM"??

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Well, to be honest, I got 2 requests on the Markets in general, but they are just as important to me

The Question was , "Did you see a pullback in the Markets approaching and is that why you moved to the Energy Sector?  If so, what did you see?"  

The answer is ,

"I did think the markets were toppy and in need of a pullback, and I expect a bounce soon, but It does not look like the downside is complete so far. (Recall my chart 2 posts back saying "Sell in May, Go away?").

The second part is , "No, I just entered the Energy sector because using tech Analysis, it was still 'set up properly'.  It also did withstand the heat recently."

Here is what I was looking at on March 21 . There was weakness in BOTH the weekly and daily charts ($1800 target?)

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I dont want to overload anyone, but I look at so many charts and when I see what I think are  "Good probability set ups" or other "Interesting Ideas" & things to take note of, I'd rather give a variety of info and let the reader take what they want from it.

Let me start with simply something to take Note of...and then cover some  trade ideas past & possibly future.

$NDX Weekly-  Is this a sign of "Sell in May and go away"?   With each "higher High" (Colored arrows) the MACD momentum matched it.   Recently,however,  we see Momentum waning. Since this is a weekly chart , we could rise for a few more weeks (into May) , but THIS CHART causes me to take note and keep an eye on the strength of the next rise.

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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?

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                                                                 Header Photo artwork  credit to RUSH and Hugh Syme

MARCH 23, 2014   No one actually predicts with 100% accuracy what the markets will do next, but with a little help from the charts, we may gain some idea of a likely path they'll take. In the last Report the $USD "Popped" and I mentioned that it may pause when it got to the 50sma & go sideways (Chart 1), before resuming higher. So far - that is playing out (Chart 2). What could that mean...?

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