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beisha

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22/12/21

13:20

Post #: 58461557
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Originally posted by beisha: ↑

Hi All

Weekly update for GLOBAL X

ABC still playing out, there is a chance that 78 support could get hit, if current support doesnt hold.

DOW suffered a bit of weakness, but not a surprise considering the big bounce the week prior, has formed into a bullish flag in which it can propel up a create a another ATH
.

None of the macro weakness made a difference for GLN , went from 155 to a bees proverbial $2, on a record 24.5m volume for the week.

That said, that red arrow is pointing to the fact that it not touch $2 for long as bears pushed back.

Daily chart for GLN.............red arrow pointing to a bearish maruzobu candle on Friday, completely engulfing the previous green which is bearish and more than likely will be the impetus for sub wave 2 down, with RSI 14 down sloping too, this action hardly surprising considering the run its had, but as usual, needs confirmation.

Should wave 2 down be confirmed , then its more than likely to drop around the 50 / 61 fib mark, which coincides with that nice green support zone., which will also be a another good opportunity to top up......

I creamed some profit off the top at 189 , but still retained 80% of my capital in case an announcement drops, will look to put the 20% profit back in at a lower price to gain a bit of extra leveredge.....

This is how i play a swing trader, long term exposure but trade the waves.

Not for everyone......but who cares as long as everyone wins ?

imo

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Not convinced this yellow arrow is pointing to a reversal yet, could well be a fake out aka B in ABC, with the recent candle turning into an inverted hammer candle, generally bearish when sighted in an uptrend , albeit a short one....

Of course i could be wrong, in which case a break of the 23 fib resistance 184 would need to happen for a bull case, then side ways action then a engulfing pole to leap frog the ATH of 199....

Which way will it go ?

I have been a sucker for the bull trap in the past, so my top up money will stay in my hip pocket...........

For now.........

imo

GLN Price at posting: $1.82 Sentiment: Hold Disclosure: Held
9 Upvote

0 Great analysis

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