PM Complex Shows Strong Bullish Follow-Through Last Week.

Last week was a good week in the PM stock indexes, as pressure has been building to take out the top rail of the October 2024 bullish rising wedges in many cases. That’s equivalent to about a 10-month consolidation pattern.

Let’s run through some of the important charts we’ve been following very closely and finish up by looking at a few more individual PM stocks, which helped confirm the breaking-out process of many of the PM stock indexes.

First up is the daily chart for BTCUSD, which has been in backtest mode since breaking out from the H&S consolidation pattern, forming a bull flag. Last week, the top rail had been tested on several occasions but has yet to give way, which is just a matter of time, IMHO.

This much longer-term daily chart, which goes all the way back to 2016, shows you why that H&S consolidation pattern on the daily chart above is so important to the big picture.