I would NOT but NUGT or GDX in AH because it broke the level I was looking for as per this post.
The break below is the movement and the stop-run as well as the short trigger, but that's just the movement that allows us to look in through the window as it was made clear in the linked post above and specifically this chart and commentary from that post.
"This is what the positive 3 min chart would have to do, price below local support and 3C making higher leading positive readings."
As you can see from the chart and comments from the post on GDX/NUGT, price would have to break that level, while 3C gave proof that the break below that level was accumulated, we don't want to buy a break lower, we want to buy a head fake move and the only way to tell is to look for accumulation which would not register in 5 seconds or an actual price reversal back above the $24.30 level, although the former is a much better indication than the later.
Volume did swell on the break and that is why the head fake move is run, so that is a good indication that the area will see accumulation and make NUGT or GDX a nice long there. So we have the set up we were looking for, we have the reason such a set up would be run verified by volume, we just need the proof the volume was accumulated and I think the probabilities are very high, but I rely on objective data, not guessing or handicapping probabilities.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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