Hey,
We've long been waiting for this inverse head & shoulders to come to fruition. As we can see, we broke out of the downtrend in 2016 but the 1360-1365 neckline has been tested multiple times. Finally it seems like we're ready to break out, how do we know?
1. The last low has not hit the ascending support of the latest move up. This means it's likely getting closer for a parabolic move.
2. GLD 130 & 131 May Calls are starting to get bought pretty heavily.
3. Consistent new short term highs and lows.
I went ahead and started building a GLD call position into the end of today. I distributed them at $128-130 from May-July.
We've long been waiting for this inverse head & shoulders to come to fruition. As we can see, we broke out of the downtrend in 2016 but the 1360-1365 neckline has been tested multiple times. Finally it seems like we're ready to break out, how do we know?
1. The last low has not hit the ascending support of the latest move up. This means it's likely getting closer for a parabolic move.
2. GLD 130 & 131 May Calls are starting to get bought pretty heavily.
3. Consistent new short term highs and lows.
I went ahead and started building a GLD call position into the end of today. I distributed them at $128-130 from May-July.
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