Traders, in order to buy and sell, make decisions based on price history and use patterns to identify future price movements.
Successful pattern trading requires the acknowledgement of identifying trends, consolidations, support resistance levels and reversal to place stops and targets to forecast price movements.
Here i will discuss one of the key reversal...
Possible Triangle in a B Wave correction. Then, maybe, setting up for a final C wave move up to $500 or more.
Which would be followed by either, a final very quick 5 wave move back to 2015 low, or a more slower correction in a Y Wave back to similar levels.
The Bear trend still dominates the Gold Miners in this Trend Channel Chart Weekly view. A break-out and back-test of the obvious Bear shoulder is needed before the Bull Swing can get going. Look to the Trend channel rails for price targets.
Here's my analysis of HUI, gold bugs index. . In my analysis, wave (1) , (2), (3) and (4) all have 3 wave structure, with wave (4) more complex and time consuming than wave (2). This phenomenon usually points to a 5th wave extension. Another observation is wave (4) overlaps with wave (1), which leads to the possibility of an expanding ending diagonal. Following...
If gold is cheap vs US equities...
Then miners are even cheaper vs US equities.
Beautiful +9 year base for miners vs gold exemplifies the risk vs reward profile of miners.
Don't say I didn't show you this!
My 5-7 year outlook. Amazing fundamental and technical picture for precious metals and for the gold & silver mining companies. They are very undervalued relative to the underlying metals they mine and the fundamental picture gets better and better. They're growing cash flows and making very large margins of over 35% on average. Inflation is here and the Federal...
Quarterly chart for $hui looks great... specially if it can close Q1 back in arc with a March close above 290.
Wick would simply of touched breakout line and be remembered as noise from smaller time frames.
Target range is 510-570 before 2023.
Lots of stuff going on here. First lead my arc's "reverse symmetry guidance. Angle of entry gives reciprocal energy on the way out. Helps establish target AND time to reach! Win-Win. Then add pivot lines (previous resistance turned support). Last piece of evidence, gold old fashion Stoch. Strong gains occur from bottom transition to top range. Enjoy!
