Just a quick visual update on the daily chart pattern imagined in NFTRH 815 last weekend.
If GDX holds below the SMA 50 and if this pattern is to resolve bearish, it could be making a thin shoulder right now. However, if it is a bearish pattern it could also chop around in symmetry with the left (fat) shoulder before breaking down. Let’s watch the SMA 50 as the general point of resistance (with allowance for ill fated spikes above it).
There is obviously no requirement that this pattern continue to form and play out bearish. But so far, that is what is doing. The green dotted neckline would be the activation point.
