IWM Consolidation and GDX Upthrust – July 6, 2011

[Billy]

Billy,

If possible, could you please add every day of analysis the STOP level for GDX as you did for IWM.
Thank you

Pierre

Pierre, for keeping my charts as neat and clear as possible, I try to format the optimal chart size for easy clusters readings.
The stop will always appear if inside the format size. Today, the only reason the GDX stop was not shown was because it was so far below the clusters.
Here is an update chart with the stop. Good start of day for the bullish scenario above the 50 dma BTW!
Billy

[Andrei]

Hi Billy,

Just for the sake of clarity, in IWM chart there is a support cluster with a total strength of 18. However with indicated levels there WPP + QPP + SPP + 50SMA = 2 + 5 + 6 + 4 = 17.

I know that there are also DS1, DS2 and DS3 in that vicinity. There must be some of these pivots, included in your total count of 18. Am I correct?

Thanks.

[Billy]

Hi Billy,

Just for the sake of clarity, in IWM chart there is a support cluster with a total strength of 18. However with indicated levels there WPP + QPP + SPP + 50SMA = 2 + 5 + 6 + 4 = 17.

I know that there are also DS1, DS2 and DS3 in that vicinity. There must be some of these pivots, included in your total count of 18. Am I correct?

Thanks.

Correct. Daily S3 (83.05) is also included in the cluster. You can check the clusters in the file that I attach daily to my posts.
Billy