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- Last Update: 24 September 2021, 10:34
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Categories:Volume Analysis
Trend Analysis
Fibonacci Studies
My system is based on that of Tom O%27Brien of TFNN.com using price and volume correlation to establish the stability of trends and Fibonacci ABC patterns in particular to establish target prices, or in some cases, high volume swing highs as upside targets.
Copper has surpassed its 2011 Swing High with massively higher volume. I%27ll stay with it until a top forms. Trading FCX and SCCO with this as a reference. June price drop has higher than desirable volume for the first (abbreviated) week of the month)
The (just over) 0.32 Fibonacci retracement with high volume from A to B and diminishing volume from B to C suggests higher prices to come. Increasing inflation fundamentally supports this technical pattern. The target remains 2600 with a high degree of confidence. A close over 2089 with higher volume will make that a high degree of certainty.
The break of that major upper trendline of the channel is highly significant. The next upside target should be the Swing High of 1962. I always expect 0.618 Fibonacci retracements for gold and its miners%27 stocks -- that%27s just what we got the first week of June. Is the thick trendline still germane?
Do you trust these people to mint no more coins? Really? Looks like a classic, albeit large scale, pump-and-dump. Absurd to think the value of this play money goes up 6x in less than a year!
Miners (XAU) play much better than gold, the metal (GLD), but with a lot more volatility and risk.
Back to ice 7/12/21
9/3 breakout needs volume support next week.
This monthly chart shows the LT trend as breaking?
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