Today the US dollar finally showed its hand, confirming the top is in with the breakout from the bearish rising wedge and with the H&S top forming at the 4th reversal point high. The really great news is the bearish rising wedge is just a small part of a much larger consolidation pattern, which is going to have longer-term negative consequences for the US dollar, which will be a tailwind for the PM complex.
More good news today came from the CDNX, the Canadian Ventures index, which is where many of the small and micro cap PM stocks reside. Last week we got a breakout gap above the top trend line of its bullish falling wedge and completed the backtest yesterday. The last thing I’m looking for is a close above the breakout high for the last piece of confirmation.
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