Some of our adroit readers correctly saw the short term pattern in PGM and bailed. This was skillful. From a trading viewpoint. On the other hand the trend is still up. The downwave here looks nasty (13.4%) but it is well within the general trend. Also of interest the price is right at the present breakaway gap — these tend to arrest declines. Also the last gap looks like an exhaustion gap. Traders who bailed might want to stick a toe back in and we are thinking of increasing our trend commitment.
Actually the basing point here is 3-5% under the March low. An interesting situation. We’ll see how it turns out. Sponsors of these efforts like to wipe out as many holders as possible with these “flush and run” patterns. The flush has taken place. Will the run?