ANF.V Trade Setup…

Last week we took an initial position and bought 3000 shares at 1.62 with an order in to buy another 3000 shares on the breakout above the neckline at 1.83 which just occurred. The weekly chart shows the big complex…

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$WTIC Update…

I wanted to wait for the closing price this afternoon before I updated $WTIC. Below is the original chart I used when I took the trade using DWTI. First, the blue 5 point falling flag was the reversal pattern reversing…

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PM Stock Indexes…

Below are some of the precious metals stock indexes we follow which shows the two year double inverse H&S bottoms. Most necklines haven’t been backtested from above yet which would be nice conformation if they were. HUI: XAU: GDX: Below…

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GLD Update…

Below is a three year weekly chart for GLD which shows the two year inverse H&S bottom we’ve been following on the combo charts. A backtest to the neckline would come in around the 123.50 area. The breakout above the…

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SLV Update…

It looks like SLV is forming a small H&S top similar to the one it formed back in May of this year. The minimum price objective for this H&S would be a measured move down to 17.48.

SLV DAY 1

The long term daily chart for SLV shows the big double H&S bottom. Note the small H&S top that formed at the May high which led to the backtest to neckline #1. A backtest to neckline #2 would come in around the 17.05 area. This is where one needs to decide if they want to play the swings or hold on for the intermediate to longer term ride with a portion of your trading capital. SLV has a well defined breakout point and price objective if one chooses to try a short position. Just don’t get greedy.

SLV DAY 2

 

Weekend Blockbuster Report

Catherine Austin Fits (who’s website we highly recommend) http://solari.com/store/solari_report/ has posted her Quarterly Rambus Blockbuster… Rambus is taking a well deserved break this weekend and this report which has mostly been published here is serving as the weekend reportĀ  for…

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Late Friday Night Charts…$XJY

This week the Japanese Yen backtested neckline #2 of a possible triple H&S bottom at the 94 area. Below is a weekly line chart which shows the price action closed right on the neckline. To say this weeks backtest was critical is an understatement. How the yen goes so does gold for the most part.

yen day line

Below is the exact same chart as the one above except it’s a bar chart that shows the subtle differences. The reason this backtest is so important, is because if neckline #2 holds support then the low for the third right shoulder will have formed. Reverse symmetry suggests we could see a ping pong move between neckline #2 and neckline #3 as shown by the black arrows, before we see a resolution to this 2 1/2 year pattern. The yen has made a series of higher highs and higher lows since the head was put in place a year ago.

yen weekly bar

This next long term weekly chart shows a pretty symmetrical H&S bottom as shown by the neckline symmetry line which shows the low for the left and right shoulders. The backtest this week was a little sloppy but so far the neckline is holding support.

yen weekly long

This next chart I overlaid gold on top of the daily line chart for the yen which shows why this currency is so important for gold. Sometimes one can be a bit stronger or weaker than the other but they tend to move together so you can see why the 94 area on the charts above is so important. If the backtest to the neckline holds support then there is a good chance that gold will also be finding support. It looks like next week is shaping up to be another very important week in the precious metals complex. Have a great weekend. All the best…Rambus

yen over gold

BAA Update…

Today BAA is backtesting the breakout point above the double bottom trendline at the .39 area. The weekly backtest. The monthly chart puts the breakout in perspective as it is just now taking place. This area still represents a low…

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GLD Update…

Just a quick update on the GLD chart we’ve been following which shows GLD backtesting the top rail of its bullish expanding rising wedge for the second time. Keep in mind this consolidation pattern has been forming for nearly five…

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