Posted by: rp on the 9th of Dec 2011 at 02:30 pm
Title: GLD weekly and two-day charts
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matt- what happened to your trademark objectiveness…lol: ” However eventually GDX will break out of this range and when it does, it should be a large move”
is it possible those patterns could maybe break DOWN, instead of up?
fwiw- here’s my weekly and two-day (candlesticks) charts on GLD. still in the uptrend but really starting to ride the bottom of that weekly wedge and daily channel. maybe i’m 180* and the overwhelming majority is correct on gold this time but i smell a big correction on the near-horizon. if right, GDX might not be breaking out of those patterns anytime soon. if i’m wrong, won’t cost me a cent, since i have no position on GLD and won’t unless it breaks down. just calling it as i see it, right or wrong.
