Bigger channel in tact...down trend from spring broken going up. Could see a retest of the 61.8 retrace and old down trend/channel lows if needed. Next week is options expiration and could be choppy. Keep it simple..long term With the fast drop be aware options Implied Volatility is high...Selling out of the money puts could be a good play here out into jan/feb. Notice as well...the huge volume since bottoming...inventory is turning over.....bottoming is a process..not a one day event...study spring in gold took almost 5 months to chop and top out.
Will add zoomed in chart below
Will add zoomed in chart below
Comment:
Comment:
Keep in mind chop at lows last 8 week...this next range and action could be a period of chop into dec...Strong bullish seasonality to come