GDX
"Gold Mushroom" ™️ ©️ Pattern !Behold the rarely seen "Gold Mushroom"™️ ©️ pattern!
Some mushrooms are poisonous! Be careful out here! Always consult with professional mushroom pickers!
GDX - nice break out6/10/20
1 hour chart
Nice break out - Proving everything is on track, I will be looking to close around $41
Gold (GBP) daily- Up Channel, within Upchannel. Gold (GBP) daily- Up Channel, within Upchannel.
Futher deatils about Up and Down channels:
thepatternsite.com
Gold (AUD) daily- Ascendin' Broadenin' Wedge(ABW) inside anotherGold (AUD) daily- Ascendin' Broadenin' Wedge(ABW) inside another ABW!
Gold (USD) daily- Ascendening Broadening Wedge Gold (USD) daily- Ascendening Broadening Wedge (ABW). A real possibility of reaching for the bottom of the ABW trading range.
Gold (AUD) daily- Clear breakout from Ascendin' Broaden' WedgeGold (AUD) daily- Clear downward breakout from Ascending' Broadening Wedge (ABW). Price target is horizontal red line. Temporary relief at purple UpTrend line.
Regarding the 52% of ABW that break out downwards. 81% of those act as Reversals of the prevailing trend- Thomas Bulkowski.
thepatternsite.com
A little rebound for the Gold Miners perhaps?Long term I'm definitely a gold bug but I have warned repeatedly about near term risk (which I don't think has completely resolved if I'm honest). The market is euphoric but channels are now becoming apparent and lines are being drawn. It's very possible we have a small bounce in miners with the upper channel limits identified as well as some other possible diagonal resistances. Be careful, but a strong opening Monday could mean a quick trade for some easy money can be made.
Twin WedgesNew wedge has formed which is identical to previous. Gold has too much tailwind to fall too low. So the wedge seems like the best fit.
-copied previous wedge price action to the right (in blue) as a possible path forward
Gold (AUD) daily- Downward breakout from Ascend' Broaden' Wedge.Gold (AUD) daily- Downward breakout from Ascendening Broadening Wedge (ABW).
81% of AWB breakouts occurs in the direction leading up to the ABW. However, this is that 19% of cases.
Note: We are at Oversold RSI's under 30. History shows, when the RSI hits these levels, usually prices bounce back up.
GDX short as shown in the chart we have h&s pattern, tomorrow if break the Nike line we see a big drop in the gold.
enjoy
Gold miners measured move price target achieved!Gold miners measured move price target achieved! Short position with risk defined accordingly.
