Daily chart update:
All comments are my opinion only and do not constitute advice.
Ranges:
Wedge ranges have now broken up as predicted yesterday while shapes channels are not well formed (neither the old nor the new). There are two channels now from which ranges can be drawn. I consider the upper channels the more likely today. The second range of numbers is drawn from the upper bound of the upper channel and the lower bound of the lower channel, active if the upper channel fails. I consider ORE's upper channel upper bound to be likely to be too low so expect it to break.
GXY:
(a) 378 - 389 ( Upper Channel)
(b) 343 - 389 ( Upper & Lower Channel)
ORE:
(a) 660 - 679 (Upper Channel)
(b) 593 - 679 ( Upper & Lower Channel)
Candle sticks:
GXY: "Bearish 3 Outside Doji" - Now confirmed.
No new pattern.
ORE: No New Pattern
"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 (retrace) continues for both ORE and GXY. The first rebound (fractal 1) of 2 rebounds has commenced so we are in wave 2 of a 5 wave correction. Wave 2 (an uplifting wave) commenced yesterday and I would expect that to continue today. 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 that it reaches it. I expect it to reach that target today or on the next trading day.
The journey to the C Wave target (circa 318) will have at least two dead cat bounces. The first of these has commenced.
The GXY chart has next resistance points at 375 and 362, while ORE's are at 634 and 608.
Both charts offer us unreliable channel patterns today. We have both an expanding upper channel and a descending lower channel on both.
The 10 day /10 minute chart shows now broken descending wedges and an inverted flag as the ultimate or penultimate shape. The most recent GXY inverted flag appears to have failed and to be building a pole for a flag which I expect to ultimately reach our target of 390'ish before breaking down. ORE has built tow succeeding pennants without a clear movement in direction, although the last shape appears to be an inverted flag with a rising wedge - normally an indicator of a downwards break, however both GXY and ORE are also in the first stages of a break from a larger (marked in red) declining wedge which would suggest a movement up in the SP. The GXY wedge suggests a potential movement of as much as 396, but I consider that unlikely.
Overnight share movements have been to the negative, although Tesla was up. One would expect some downwards pressure on the GXY share price.
GXY:
ORE:
10 Day Chart
