Yesterday was a day of waiting especially…
for the Ukraine question which is catching all eyes of the world (and not just financial)
We have seen equilibrium rates, USD rising, indexes falling (but the US closed less worse than the others, Europe badly)
We are always awaiting developments: the USD remains bought as it always does in times of uncertainty, rates have completed a series of Top signals according to Demark’s strategy and precious metals have maintained their highs on Friday.
For the GDX, however, we have a complete SETUP (9) which could temporarily slow down the momentum: we will see if it stops or, in the case of a decline in yields and the US dollar, it is able to restart
All very fluid and dynamic: every moment can change everything or this waiting phase can continue
I look at the returns and I see that today the SETUP is completed on all counts
I see the US dollar that does not go down but the inverse correlation with the silver suggests that one of the 2 is wrong: will the silver be right this time?
The ratio between oil and miners suggests – as I have been saying for some time – a top of the former compared to the latter: if this situation is confirmed (yesterday the oil stocks corrected heavily) it means that the yields (to which this ratio is correlated) will drop
Last thing: the Bitcoin I had recently reported is confirming a bullish head and shoulders that will become official when its neckline is breached.