Well if you go to Net Dania and look at silver monthly and weekly we are setting up for a very large Inverse H & S with the left neckline being at the 43.00 level left shoulder down in the 32.30 -33.30 range, head at our DB 26 level need to form a right neckline maybe in the 39 -40 range which would take us back down to form a RS in the 32.30 - 33.30 range. If that occurs, depending on where our left Neckline forms and breakout the target would be somewhere up close to the 50 or just above top. That said we are a long way away from that pattern potentially playing out.
GPL on the other hand is at a key breakout point on a couple of levels. A previous double top at 2.80 and a neckline on a possible weekly Inverse H & S. That breakout point was at or about the 2.76 - 2.78 level. We broke through that level 3 times today and each time it was on good volume. Volume today was 2M which is the highest since Dec 12 2011 and that volume was on a red candle. If silver can remain strong and fight off the forces of evil overnight and get further buying/short covering tomorrow we could get a further pop to the 2.90 - 3.00 level where I would then expect a pullback to retest that neckline. If that happens I will be a buyer back down in the 2.70 level. The trend in GPL has definitely changed to up as we have seen higher highs and higher lows since coming off our low of 1.78 in December.
The GDX broke through it's upper long tern D/T line and a Symmetrical Triangle on 12/23/12 on increased volume and has come back down tested that line as support yesterday and today and held support rallying off of it today on good volume. The GDXJ on the other hand has been held fast at it's D/T line in around 29.20 - 29.50. It needs to breakout through that level. Hopefully in the next day or two if, as I said, longs can fight of the forces of darkness in the metals. It's volume wasn't as strong today either.
Overall though things are looking bullish. But I have learned to never get my hopes up as long as JP Morgue holds the concentrated shorts they do in silver.
dont wait for a pullback . buy now into the breakout!
I did take a small position in the hopes that we do get the breakout. If not I have some dry powder left to average down on any dips. If we do get a breakout I'll be selling for some profit in anticipation of a pullback and retest of this level before heading on to fill our 3.29 gap. If things remain strong I expect that we could get through the gap and into the 3.40 -3.60 level before hitting any hard resistance. Our other wall today was the 200 day MA @ 2.79. A number of things adding to the blockage here. Another up day or two and our 50 will have crossed the 100 as well @ 2.37 & 2.38 respectively.
I know, those friggin manipulators....you never know when theyll pounce. I think we'll move though, everybody's preoccupied right now on why the sp500 is making the moves it is and why it hasnt pulled backed a long time ago. hahaaa....love it. All I have to say.....DONT FIGHT THE FED!!
I think we'll move though, everybody's preoccupied right now on why the sp500 is making the moves it is and why it hasnt pulled backed a long time ago.
This is the biggest joke of all. S & P, DJ, Nasdaq into previous highs prior to the last collapse on what kind of news? The world fiat economy is on the edge of precipice and bankrupt? In the meantime the real money makers, miners, can't get a break and continue to be held back. It's sickening!!
lol....haha..dabadee you crack me up man. you go through all the messages to prove a point that i gave you credit for if you made it. lol....good for you man....i mean really, you made a good call. And if this level doesnt hold then you made another good call. But if it doesnt then you didnt.......have you ever made a bad call? you have because you wouldnt be on here wasting your time. Now leave it alone and lets watch what happens going forward, .....lol.