By: Jeff Cooper
Hit and Run Trading Bonus Report - August 29, 2023
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A daily gold from the March low shows a Time/Price Pivot or intersection of a Tops and Bottoms line at 179 over coming days.
The presumption is accelerated momentum on clearing the declining blue tops line.
However it would not be surprising to see GLD pull back the rubber band after kissing this inflection point.
This would carve out a 3 point trend line.
A subsequent breakout would trigger an Angular Rule Of 4 buy signal.
Interestingly, 179 points to/vibrates off August 29th/30th.
These Time/Price square-outs can be highs/lows or accelerations.
Checking a daily GDXJ shows a near 50% Retrace at 36.35…from the July high.
This ties to the declining 50 day line as well as a declining trend line from the April high.
So we have a Technical Trifecta just above the 36 area…the horizontal red line.
A 50% retrace of the April/August range is 38.40.
The presumption is breaking out and sustaining above 36.25 ish opens door to a push to 38.40, the black horizontal line.
In sum, notice the false breakout in July.
A successful reclaim of the declining blue tops line should perpetuate upside follow thru with the
Second mouse getting the golden cheese.