So, Wednesday March the 15th didn’t kick-off a real rally in the metals and miners? I guess not. That’s okay. We’ll stick around, and hopefully, catch it when they do.
If you ever catch one real bull market run in the metals and their miners, you will accumulate some serious wealth in a relatively short amount of time. We had a number of doublers just last spring and summer, and pulled a lot of profit out in August.
Without writing everything up, there are 16 symbols in our watchlist. Friday was an up day, but nothing extraordinary. Volume was off, on average, by 17%. There was nothing unusual or attention-grabbing about Friday.
Now, a look at all the charts, the 16 individual charts, and a 17th chart made up of an average of all the 16 symbols I track, shows that what has been happening since the Wednesday 15th pop is a clear digestion pattern; a consolidation of the one big move.
There’s a very important bottom put in around the period of 12/15 thru 23. There are two other lows, one on either side of the December bottom. These are referred to as shoulders. The left shoulder is that low put in 11/11 thru 12/14. The other shoulder, to the right of the December bottom, was put in 3/8 thru 15. These two shoulders, the Nov/Dec one, and the recent March one, are now important levels of support. The entire pattern constitutes what we a call a head and shoulders bottom. It is very significant, and we will be watching it from here on out, as the entire pattern should constitute serious price support, and at some point in time, likely become a price point of a launching for the next truly big bull run rally… which is out there somewhere.
We have some positions that are riding. I have a lot of free shares, as a result of selling half or more of those issues that had doubled last year. I had taken my investment out, as well as some more of the profit, and let the rest of the free shares ride.
Harold F Crowell