I had an intermediate buy signal trigger on the gold miners a couple of days ago so here are some candleglance charts (that are optionable) showing some quick scribbles of what I mentally see on them when I look through them taking notes. Some of them have already had some major moves, but there are still plenty of opportunities that are still basing. But bear in mind that those charts that have already moved hold the strength vs their peers, so any pullbacks in the strong ones should be good long bets going forward. (click to enlarge). (more…)
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Likely Breakaway Gap over Resistance
This has been a strange week, particularly yesterday, but direction should become clear this morning, and unless the bears can dominate the first hour enough to fill the (currently +17) opening gap, then that direction is likely to be up to pattern targets starting in the 2067 area.
The situation here is unusually complex, but I’ll break it down into the component parts to explain it. The bigger picture is of course the rising wedge from the 1820 low that broke down on Tuesday. Now the first thing I look for when a wedge like this breaks support is a topping pattern, generally either a double top or an H&S. I wasn’t looking for one here because there is already a very decent quality double top formed here, but it seems that we may well be about to retest the highs in order to form another (smaller) double top here as well, or (less likely in my view but worth bearing in mind) to break up from this rising wedge with a target somewhere in the (cough) 2350 – 2400 area. SPX 60min chart (more…)
