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Two weeks ago the Power of the Pattern reflected it was a good time for Short-term METAL MEMBERS to be a buyer of GDX with a stop below falling channel support line. The above chart looks at Silver Wheaton (SLW) which is the 4th largest holding of GDX.
The chart above reflects that SLW on monthly basis created a large bullish wick/Doji Star pattern at channel and Fibonacci support at (2) in the chart above. SLW may well be creating a base/double bottom at (3) above and looks to be breaking above a falling resistance line of late.
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