OK, time for some fun. I’m taking my family to see Rogue One. I saw Star Wars in 1977, and I’ve got a tradition to keep.
Ahead of tomorrow’s Inventory Report, Natural Gas has pivoted to the upside after retracing right to a test of the upside breakout level (3.15/3.20) of its 2-year resistance line.
This is very constructive price behavior within a larger-developing bull phase, and argues for a positive reaction to the Inventory Report. The reaction could perpetuate continued price strength for a revisit of the December high, en route to 4.00-4.10, thereafter.
Is It Time To Give Up? by Avi Gilburt, ElliottWaveTrader.net
First published Sat Dec 17 for members of ElliottWaveTrader.net: When dealing with markets, one must avoid, as much as possible, emotional responses and simply focus on the facts before us. Last weekend, I presented my “factual” analysis of the market, and explained why I have retained a larger degree bullish perspective. I suggest you review what I wrote so you can understand how I weigh the pros and cons in the complex, and why I have come to the conclusion I maintain. Moreover, within the analysis I have been providing for the last month, I have been suggesting that another drop will likely be seen in the GDX and silver, and this past week that has finally been seen.
With the drop this past week in silver and GDX to lower levels below the November lows, the market has just about completed the pattern I have been tracking to end this correction which began in August. As I noted during my mid-week update, the initial rally off the Jan/Dec lows took 8 months, and the correction has now taken half that time. This is quite normal for timing on corrections, so there is nothing unusual about the timing aspect of the correction.
Happy Winter, everyone! Yes, it’s the winter solstice. As we wind down the last few trading days of the year, volatility is collapsing to levels hardly ever seen before in financial history. It actually reached a 10-handle this morning. Incredible.