I've mentioned GDX as a short hundreds of times (well, not really, but close), and as the breakdown continues, I'll remind you that my ultimate goal for this short is a long way down from here. Below shows the topping pattern and, with an eye toward the future, the ultimate price point I think $HUI will nail.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Listen To That Fat White Guy
A Gloriously Doomed Pattern
Another Inflection Point (by Springheel Jack)
SPX was very weak yesterday, breaking my first support level and bottoming in the next support zone in the 1395-1400 area. The move broke below rising support from the March low and a first look at the charts suggests a test of the lows on Friday, with rising support from November and the middle daily bollinger band in the same 1387ish area:
Revisiting “Mr. Fat Finger”
I've done a couple of posts in the past on "Mr. Fat Finger"…one on April 21, 2011, and the other on December 3, 2011. The following is a brief update.
There are two shaded circles on each of the Weekly charts below of YM, ES, NQ & TF. The first contains the infamous "Fat Finger" day in 2010. The second contains the downdraft following Standard & Poor's downgrade of the U.S. credit rating in 2011. For all you wave traders, we may be approaching the final segment of a Wave 5 on the Weekly timeframe. It may be prudent to be prepared for sudden "Fat Finger" downdrafts, particularly if the TF is not able to break out and hold above 2011 highs.
In this regard, the support levels, which coincide with the upper portion of the 2011 downdraft, are 12500 for YM, 1330 for ES, 2420 for NQ…850 represents that level for TF, but it hasn't even closed above it yet, so it's holding as resistance.
