It’s a fascinating story. When we focus on the day-to-day, or week-to-week market movements, it appears to be a lot of gobbledygook, with neither rhyme, nor reason to explain the changes.
But moving up to the 15,000 foot level, we begin to see images of support and resistance lines emerging, where markets established or held critical price levels, or broke through barriers thereby providing us with clues of future moves.
At the 30,000 foot vantage point, just about every metal and energy chart in this report shares the same characteristics of higher highs and higher lows over the past eighteen months. And this remains true despite some pretty significant pullbacks along the way.
So what are the charts telling us? Well, after a lot of back and forth motion, it still looks like ‘onward and upward’, along this long, rocky, and treacherous road.
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