GDX, UCO update March 7

GDX: Starting to look very toppy, but daily TI charts shows no sign of sell signals yet, only negative divergences (not shown).

gdx

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UCO: Since oil=market these days (careful with 1-trick ponies…) following oil/uco is key. However, the  whole advance since mid- to late-January on UCO looks messy and sloppy: no 5-wave advance anywhere, it’s all 3-waves, hence corrective. The price pattern has more the look of a flat correction than an impulse. $9.90 is resistance. $5s could be next…

UCO