Is the downtrend of gold miners stock resuming after the "bull run" from Aug 19 to 30? My primary analysis is based on Elliott wave. But it does not hurt to use candlesticks as an auxiliary one to reinforce it.
A textbook example of the evening star appears in gold barrick. A gap up from Aug 29 to 30, with a large green candlestick on Aug 29, and a gap down from Aug 30 to Sep 1, with a large red candlestick on Sep 1, may be a harbinger for a bearish reversal.
A shooting star candlestick also appears on HUI index on Aug 30. Both can be used as a proxy for reversals for gold and gold miners' equities. The nonfarm payroll for Aug will be out today.
Let's see what happens next.
A textbook example of the evening star appears in gold barrick. A gap up from Aug 29 to 30, with a large green candlestick on Aug 29, and a gap down from Aug 30 to Sep 1, with a large red candlestick on Sep 1, may be a harbinger for a bearish reversal.
A shooting star candlestick also appears on HUI index on Aug 30. Both can be used as a proxy for reversals for gold and gold miners' equities. The nonfarm payroll for Aug will be out today.
Let's see what happens next.