Inverse Head & Shoulders Pattern Telling Us Big Move Coming

Volume is light, the stock market is quiet and wall street is getting ready for a long weekend.  Therefore there isn’t much to report on the stock market.

That doesn’t mean there aren’t plenty of things going on.

For one, the interest rate market moved up another leg today, helping our cause on the TBT swing trade.

The other exciting chart I see developing is that of the gold mining ETF or exchange traded fund.  GDX on a longer term basis is setting up for a big move upward off of a reverse head and shoulders formation that should take the price upward of $38 per share.

While it’s not exactly ready to put on the buy list for reasons discussed in today’s video, it’s getting close.

There are a couple of swing trades for members that are close to my target buy price, but there not ready yet, and with the holiday weekend coming, it may make sense to wait until next week.

Enjoy today’s video.  You will find the technical case for GDX in the later portion of the recording.

About the Author

Trading and investing in markets is second nature to some, but a mystery to others. The goal is to provide a forum where everyday people aspiring to be part time or full time traders will learn how view markets differently and profit beyond their wildest dreams.

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