You are here: Home1 / Exclusive Strategies
Today I want to take a closer look at Oil and Gold.
If you have been here for a few months, then you know that this is what we have been waiting for. Lets review.
.
GDX - Way back in August I started to ready us for a deeper pull back than many at that time would think is likely. You may recall that I kept saying that a solid target was $22-$24 and I said to look for that steep drop at the end of September or beginning of October.
This chart from Aug 22 is an example of me preparing us for a coming buying opportunity. I expected a bounce first, then a steep drop.
My Weekly chart showed GDX broke the weekly uptrend line. A wkly trend line break for an 8 month trend is 'ugly', and indicates that a yearly cycle low is coming. That magenta box became the likely target after that bounce at $22-$24 shown in Sept/ Oct. We would monitor things a little closer when we got there.
We are there, time to monitor things a bit more closely. 🙂
Read MoreLets take a look at what appears to be some good energy.
.
WTIC -
As expected, Oil is following through to the upside. Sitting near the August highs, it could form a handle on this mini cup , or it may just power higher to the June highs.
Read More
Scroll to top
