• 20 hours How Big A Threat Is Climate Change To The Global Economy?
  • 2 days $120,000 Banana Gets Eaten At Art Basel
  • 3 days The Fastest Growing Energy Sectors Of 2019
  • 4 days How To Spy On Yourself: The Doorbell To End Civil Liberties
  • 5 days Analyst Predicts Tesla Stock Will Soar To $500
  • 6 days Australian Billionaire To Invest In $88 Million Struggling Solar Project
  • 7 days Twitter-Shaming: The Biggest Threat To Any Business
  • 7 days Canada Looks To Become A Major Source For Critical Minerals
  • 7 days Hedge Funds Are Piling Into This Key Commodity
  • 9 days Trade Deal Not Likely Before Christmas 2020
  • 9 days America's $16 Trillion Debt Bubble Is About To Burst
  • 10 days Black Friday Breaks Online Shopping Records
  • 10 days Tesla's Biggest Competitor Is Hiding In Plain Sight
  • 11 days Are Celebrities Good Or Bad For Cannabis Stocks?
  • 12 days Venezuela’s Crisis Continues As Maduro Spends $5 Billion On Oil Deals
  • 13 days Elon Musk Claims 250,000 Orders For Cybertruck
  • 14 days How To Survive Thanksgiving Politics With Cannabis Gravy
  • 15 days The Fragility Of Monetary Policy
  • 16 days 5 Oligopoly Stock Picks For Your 2020 Portfolio
  • 16 days $7 Trillion In Unfunded U.S. Pensions As Domestic Debt Hits A Record High
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Rambus Chartology

Rambus Chartology

Rambus Chartology

Rambus Chartology is Primarily a Goldbug TA Site where you can watch Rambus follow the markets on a daily basis and learn a great deal…

Contact Author

  1. Home
  2. Markets
  3. Other

Quick Update for the Grand Cayman Island...Nervous Breakdowns in the Precious Metals Markets

The internet is slower than molasses in January and hard to annotate charts, but I got a few updated. Below is the combo chart for the PM complex we've been following which shows the dominate pattern being the triangle consolidation pattern. Just before I left the price action was breaking out below the bottom rail and I was looking for a possible backtest to the underside to take one last position. Some had a complete backtest but others didn't. If you were lucky enough to get that last position great job.

When a consolidation pattern breaks out and the backtesting process begins that starts the impulse move down. As you can see most have built a small red consolidation pattern just below the bottom rail of their respective triangles which is usually a bearish setup. Today they gapped below the bottom rails of their small red consolidation patterns of which there are several different types, but all consolidation patterns. The next phase is now beginning in this impulse move out of the bigger blue triangle consolidation pattern.

GLD has been the strongest in the PM  complex but today it's joining the party to the downside gapping below the bottom rail of its bearish rising wedge. Before I left I showed a possible double top forming on SLV with a double top neckline which was tentative. Monday the price action broke below that potential double top trendline which is strongly suggesting the double top is in place. I still left a couple of untouched charts at the bottom of the combo chart which still shows the possible H&S bottom that a lot of PM investors believe is still working out. Again, if you see the low of the right shoulder violated that is a very strong warning the H&S pattern has failed.

Various Gold/Silver Indices
Larger Image

After 4 months of waiting SLV is cracking the bottom rail of its 6 point diamond consolidation pattern.

Monthly Siver Chart
Larger Image

One last chart for SLV which shows the bear market downtrend channel with the diamond consolidation pattern.

I just want to thank Sir Plunger for his excellent Weekend and Wednesday reports along with Sir Fullgoldcrown for keeping everything under control. All the best...Rambus

Weekly Siolver Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment