Oversold is an understatement, and as I dont like catching knives this setup is due for at least short covering and comes when a nice AB = CD pattern is forming as well as a Fib level on high vol. Coincidentally, Goldcorp (GG) is sitting on a 1.27 Fib as well.
Comments
foreversong20
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the last few day GDX looks strong has a lot of volumes, i think by summer or end of summer will close to B point.
Jakk_Daws
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I think we can get around $38 (testing "B") and prior consolidation range we saw before the last drop.
foreversong20
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yea, i realized that too, plus the GDX got hammer so much, and way oversold. could be dead cat bounce. i'm looking for the short turn pop. also added to NUGT $10.00
Jakk_Daws
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I just don't know. This area is hated so much right now it certainly could, but I think LT we get to much higher levels. As i am sure you know it all depends on your timeframe, and risk level. In the meantime I'm willing to dip my toe in here and certainly would even further at the 2008 level.
foreversong20
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do you think the GDX will goes back to 2008 level test the low?