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Chart Patterns and Trading Strategies for the week of July 14

This week I’m going to review 9 Patterns in Play and 6 Developing Setups. Among the first I have included: British Pound, GPB/JPY, NZ$, CA$, Nat. Gas, Sugar, Platinum, Brazil Index MSCI Ishares ETF, Japan Small Cap Dividend Wisdom Tree ETF.

Markets that are presenting Developing Patterns but are not quite there yet are, in my analysis: GBP/CAD, Japanese Yen, 5-Year T-Note, Gold, Gold Miners, Canada Index MSCI Ishares. [click to continue…]

Gold Miners ETF is forming a reversal at a key support level

After yesterday’s decisive close in the green, today Gold Miners opened higher, then sold hard. In the next few days I’ll be looking at today’s high ($27.78/GDX) to eventually buy a close above it.

Here is my case for being long Gold Miners above that level:

  • The long term chart of the Gold Miners Index, GDM, shows a bottom Inverse Head and Shoulders forming at a key supporting level (the gray band that I have drawn on the chart below).
  • The measured objective of the Inverse Head and Shoulder is 40% higher from current prices. That happens to be at around half way the impulsive wave down from 2012 highs to 2013 lows.

[click to continue…]

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