Two Patterns in GDX "New Bull" Price Action
Since the reversal on the 16th, two dominant chart patterns—symmetrical triangle and continuation channel—have been playing out. I didn't spot the latter until the price action smashed out of the triangle, but there are some notable fibonacci pivots. Price is currently sitting at the crucial .618 level which it has bounced off of at least four times (depending on how you count).
Looking for a further breakout or a retrace on Monday. The bearish divergence in volume makes me think the latter is more likely but sentiment about the Fed's pump and/or a move in the price of gold are strongly in play.
(Novice trader, not advice, feedback welcome, &c.)
Looking for a further breakout or a retrace on Monday. The bearish divergence in volume makes me think the latter is more likely but sentiment about the Fed's pump and/or a move in the price of gold are strongly in play.
(Novice trader, not advice, feedback welcome, &c.)
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