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I see metals were run up last week artificially and failed to make their 20 day cycle target. I think the move through 52.00 down or resistance against 53.00 will be a catalyst for an acceleration down to 50.00. That would be reason to look for sellers again at 54.00.
I expect that the late day sellers will be correct and that both the cyclical failure and late day weakness will allow a trade against 53.00 premarket that can be held for a larger than average swing trade winner as it breaks through 50.00 into the next week.
Plan: getting below 52.00 and then 51.50 will signal a failure to the market on the daily chart and could possibly incite larger time frame selling due to its technical setup being in a monthly range at these prices. If volume is present, its a larger than average peak with an expected check of 50.00 right away. This volume will be the unwind from the spring up in buyers last week having to bail.
Metals mining ETF $XME trade idea
Its Monday morning its down 3%