Well, the metals are up, and the miners are also advancing some. Let’s see where this might go… will we finally get a true rally to emerge, or just another short-lived bottle rocket that goes pop?

Harold

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3 thoughts on “It’s Monday Once Again!

  1. Harold:

    For what it is worth I received the following “free” analysis:

    The ‘Dutch Trump’ populist lost his bid to become Prime Minister last week.

    This may have elicited strength in the euro and selling in the dolloar.

    A daily dollar shows it broke its 50 day line with authority triggering my Expansion pivot sell signal in the process.

    In so doing the dollar also triggered a Rule of 4 Sell in snapping a rising 3 point trendline.

    The setback in the dollar came despite the Fed’s interest rate hike even as the Fed signaled this was the beginning of a campaign of consistent raise in rates.

    The break in the dollar backstopped a surge in the precious metals miners on Wednesday.

    GDXJ ripped 34 to 38 and now shows a 50% retrace toward initial support.

    Well-defined support comes in between 35 and 36 where another higher low on the hourlies may be installed on another big backtest… a fractal of the Big Backtest that played out on the dailies last December.

    Unless the dollar can recapture its 50 day in short order it is vulnerable to a break to 98 and an Eiffel Tower move — a complete retracement of the post election rally.

    An extension lower in the dollar should perpetuate a breakout in gold and the miners over the last swing high.

    Like

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