This formed the second point of resistance (line C), which completed the flag formation (lines C and D).
Now another flag formation (lines c and d) appears to be forming.
The daily chart of SLV shows that the flag formation, lines c and d, was completed on Monday with the close below support, line c.
Gold was the big winner last week, and after completing its flag formation (lines c and d) on July 12, the Spyder Gold Trust ( GLD) has accelerated to the upside.
On the top right is the chart is the iShares MSCI Italy Index ( EWI) , which a few weeks ago appeared to be forming a flag formation, lines c and d.
The Global X Silver Miners ( SIL) has held up much better than either GLD or SLV, which is a bullish sign as the recent period of consolidation shows a flag formation, lines c and d.
On the weekly chart, the July high (point c) is just part of a flag formation, lines a and b.
The following rally allowed one to define a longer-term flag formation (lines a and c).
The daily chart of FCX shows the continuation, or flag pattern, lines b and c, in more detail.
The current chart shows a short-term flag formation, lines b and c.
The chart shows that the resistance from the completed flag formation, lines b and c, in the 1020-1050 area, has been reached.
Once the 50% retracement resistance level was first reached on May 2, the focus was clearly on the short side as a broader flag formation (lines a and c) was then evident.
For the next two months, gold traced out another flag, or continuation pattern, lines b and c.
Of course, one could have waited for the flag formation to be completed, once support (line c) was broken on July 23, 1990.
The iShares MSCI Belgium ETF ( EWK) completed its flag formation on April 29 as it closed above the resistance, line c.
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