The chart pattern represented by the QID's (ProShares: 2x the inverse performance of the NDX) suggests that if the current rally extends above 54.10, a month-long congestion area will have morphed into a base or rounded near-term bottom that has potential to trigger upside acceleration into the 57-58 target zone.
Mike Paulenoff's near-term work in the HHH argues that the weakness from the November 22 high into the December 1 low completed a minor pullback within an unfinished upleg.
After hitting a new recovery high at 64.59 last Thursday, the GLD has pulled back to today's low at 63.36, which also coincides with its 6-week support line.
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