Here is a picture of the 2nd largest producer, NEM. The first chart is a daily look that shows a completed H&S top. We have just broke down from a small H&S top on the daily which would be the right shoulder of a much bigger H&s top on the weekly. We broke the NL a couple of weeks ago and have just completed a backtest that didn’t make it all the way back up to the NL.
nem-day.png
The weekly look isn’t much better. Remember, the H&S top on the daily is just the right shoulder on the weekly. At the very least I would expect a test of the NL at 38 to 40, and if the NL holds, we could morph into a symmetrical from that point. WHAT IF, the NL breaks?
Rambus…
men-week.png