Tuesday, May 30, 9:19 am EST. It’s been my contention of late, as I seek to analyze the charts of the metals and miners, that we are presently caught in a sort of no-man’s land between tightening support and resistance.
If the past couple of days were up, from support, and headed toward nearby overhead resistance; then the price action this morning, where it is a little bit off, would be that downside we could expect to see, until this current pattern they are eking out, is resolved one way or the other… to the upside, or to the downside.
For now, we wait and we watch, as this is no time to enter a trade, and we are wanting for a trend to develop… and by those indications I see in the charts, I am currently of a belief that this resolution will ultimately be to the upside. The pattern I see is a bullish wedge forming by an average of all the symbols I track. But, I let the market tell me… I sure can’t be telling it what to do.