Who else can see this happening? For all you wishful thinkers this could possibly retest the structure high following an Elliot Wave. The Fibonacci chart shows a .618 retracement, which if we see a 1.414 extension, we would see it hit point 3. Following a retracement back to point 1 position and ending and the resistance line that it hit twice before.
DGAZ has been following a very interesting and predictable trend starting back in August. It followed a channel pattern down from about $8.64 to just under $4.00 in about two months time; hitting major support and resistance lines on the way down. An interesting observation to look at with this channel is that it is following a cyclic pattern as well. The lows are...
MAG has had some very clear and strong support and resistance lines in the past (as shown in chart with blue lines). For the last several months we've seen a retracement (just extending a Fibonacci .618) in the fashion of an Elliott Wave / Channel style. The downward Elliott Wave is now complete at the same time it is bouncing off the bottom of the channel. We...
GDXJ has been stuck in this channel on the daily that started back in August. It has been bouncing back and forth and just hit the bottom of the channel and will look to go back to the top of the channel. Once it gets to the top of the channel (which depending on the slope it takes could be around $35) it will either break the channel, where we would see this...
On the IRIX daily it appears to be the start of a potential head and shoulders structure. If this occurs, we could see a rebound for the next month with this stock (or up to $16.24, whichever comes first).
