Below is the long term daily chart we’ve been following for SLV which shows the brown shaded S&R zone or neckline at the14.80 area as the backtest zone. Today’s price action also left a gap on the opening which most likely get filled as some point.
The weekly chart for SLV shows the H&S consolidation pattern forming just below the bottom rail of the blue triangle consolidation pattern. The 50 week ma now comes in at 15.37 which has done a good job of holding resistance over the last several years.
The long term monthly chart for SLV shows the small neckline starting its fourth month of holding resistance after the price action broke through it. So far the neckline has done its job reversing its role from what had been support to now resistance. A break above the 14.80 resistance line would be a feather in the bulls cap. Again another critical area to watch.
Last week I showed you this daily chart for gold which showed the confluence of resistance lines all coming together in the brown shaded rectangle. That area did hold resistance and Gold fell 32.50 this week until today where it…
The HUI is testing the top rail of its blue falling wedge and 50 dma while GLD gapped back above the big 2 year bottom rail of its black falling wedge within the blue triangle. It also looks like GLD…
Just a quick update on the combo chart that shows the HUI bouncing off the top rail of its possible small bearish falling wedge while GLD is testing the bottom rail of its possible blue triangle consolidation pattern….
Below is the closing price for gold for the month of September. After all the chopping around it lost 19.40 for the month. So far nothing has changed in the big picture.
The $GYX, industrial metals index, looks like it’s finishing up the backtest to a small H&S consolidation pattern today….
Last night I showed you this daily chart for the INDU which was showing us a possible H&S consolidation pattern forming. Keep a close eye on the neckline….
I’m going to take a small position in SOXS, 3 X short semiconductors, and buy 250 shares at the market at 63.49 using the 50 day ema as the sell/stop….
This was one of the hottest selectors during the bull market. It looks like it may be completing a H&S top with a backtest taking place today….
The SQQQ is a 3 X short the QQQ. It looks it maybe forming an inverse H&S bottom and is working on the right shoulder. I’m going to take a small position and buy 500 shares at the market at…