I just saw a chart of GLD on the Slope of Hope .. and all of sudden the chart reminded me of BBH(Biotech Holders Trust) that I glanced at this week end ! I'm using this chart of GLD with permission of Tim Knight and I've added to that the chart of BBH that I found somehow similar to GLD ! All this to say that BBH has had a big multi week fake breakout that ended crashing down ! Will GLD have the same fate than BBH .. wait & see .. but the similarities are worth noticing.
I've taken the time to zoom in on the chart I've posted on GLD vs DZZ on October 13th (Click Here). As you can see, DZZ(Double short GLD) has managed to bounce clearly on the on the "C" level I had pointed out between $16 and $15.75 ! I think that DZZ could pullback a little bit short term. Here is an update on what I think is in store for DZZ in the next two to three months !! Looks like abuy on the dips chart doesn't it ?? My final target is around $19.5 !
On October 6th i had posted this chart (Click here) of DZZ (Double short GLD) saying that one should wait for the $16 to $15.75 level to buy into DZZ ! Well we have hit $15.84 on DZZ yesterday and it is bouncing well this morning. Could not be more precise than that. So far so good !
I have made a post recently about the possibility of a bounce in DZZ (GLD doulble short) between $16 and $15.75 (Click Here) . We are getting close to this level. I would watch for a probable bounce in DZZ soon and a pullback in GLD obviously ! Too many bulls in Gold.. too many ! I just hate it when a trade is too crowded !
