Daily chart update:
All comments are my opinion only and do not constitute advice.
Ranges:
Wedge ranges are now based on well formed shapes channels are not. There is both a credible channel and a credible declining wedge in each case. Yesterday I said If the wedges are true they will break UP yesterday, but I should have said yesterday or today (ie. the upper edge of the range will fail to hold). There is an outside chance for tomorrow, but after that the wedges would have failed unless re-bordered today. They did not break yesterday but simply confirmed the wedges. If price falls below 373 (GXY) the wedge fails and the channel holds true.
GXY:
(a) 355 - 379 (Channel)
(b) 373 - 379 (Wedge)
ORE:
(a) 617 - 658 (Channel)
(b) 645 - 658 (wedge)
Candle sticks:
GXY: "Bearish 3 Outside Doji" - Now confirmed.
No new pattern.
ORE: "Bearish Engulfing" - Now confirmed.
"Bearish 3 Outside Doji" - Not yet confirmed. Confirmed when SP crosses the last close (663)
C Wave target : (unchanged)
GXY: 318 - 326 (28 June)
ORE: 560 (28 June)
GXY:
C Wave continues for both ORE and GXY. We are in wave 1 of a 5 wave correction. It is likely that we will see wave 2 (an uplifting wave) today as the declining wedge must break today if it is not going to fail. The target for GXY would be approximately 390-392, but I do not expect that to hold and it could reverse back from that high during the day.
The journey to that target will have at least two dead cat bounces. The first of these could be today or at the outside tomorrow.
The GXY chart has next resistance points at 375 and 362, while ORE's are at 634 and 608.
Both charts offer us well formed wedge patterns today, but not yet channel patterns. We have both a channel and a wedge on both. If the wedges are true, then they should break today (or at the outside tomorrow) which will give us our first bounce. If not and the channels hold then we would expect the first bounce within the next couple of days. A bounce will need to be seen to break the upper line of the channel. The channels are marked in blue, while the wedge is shown with a red bottom line.
The 10 day /10 minute chart shows new descending channels with a series of inverted flags. The most recent GXY flag has a target of 362 on a break below 378.
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ORE:
10 Day / 10 Minute:
