As I mentioned in my last article “Metals and Miners Bull Market Point of Recognition” the Metals and Miners are about to print the point of recognition of a new bull market and price action is showing me that it could be done today. The complete Domed House and 3 Peaks Chart Patterns ended the cyclical bear market and some ratio charts in Metals and Miners were also telling us that the bull market was back several weeks ago. It is important to understand what the charts are telling us in order to jump early in a bull market and not to be left behind. Otherwise jumping in and out at the worst times possible could end up losing money.
On the following chart you can see that GDX, GDXJ and SIL just broke out above the neckline of an Inverse Head and Shoulders Pattern which should launch a new bull market in both Miners and Metals.
On May 30 I bought leveraged positions in Miners and Metals and I intend to keep both my leveraged positions and my conservative positions during all the bull market and to hang on during corrections. Patience is sometime frustrating when there is nothing to do exept watching the market but it is key to bring nice profits. My plan is to trade the intermediate term trend of this new cyclical bull market.
Patience is already well rewarded as the leveraged positions are making nice profits (JNUG,NUGT,USLV,UGLD):
The conservative positions are also making profits and should bring more gains: