AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
107 18 3
Minute wave ii could well be complete. IF so, then wave (i) of minute (circle) iii             should reach higher toward the .618 extension (green line). Breaking down below micro support from here would look like an flat correction with the top of my green box up next. I'll post a shorter time frame within the comments.
Five waves up (shown in yellow) would substantially increase confidence that minute wave ii has bottomed. I'm leaning toward the green count, so the yellow waves iii-iv-v could well be wave (i) of minute iii. Breaking down below the lower support box, yesterday's low, puts me on alert for continuation of the correction in (c) of ii, and would be a significant buying opportunity in my opinion.
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Like this.
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Jv200909. nick.holland78
5 months ago
Thank you Nick!!!
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nick.holland78 PRO Jv200909.
5 months ago
welcome.
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I'm going to take profits on ST longs around 31 region (1.618 extension). No sense in holding through wave iv - with risk of wave (c) down. May take another long trade for wave v up to the target box. A (i)-(ii) setup will have me going all-in for wave iii of 3, the most powerful Elliott Wave. Will have well-defined risk/reward at that point with a stop below 28.24.
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Jv200909. nick.holland78
5 months ago
Genius!
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nick.holland78 PRO Jv200909.
5 months ago
I took off half my ST positions for nice gains late Friday. I'll post an idea about a longer-term swing trade later today.
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Friday's close left GDX with 3-waves up. Price action early this week should indicate whether wave ii is over or if this was a (b) wave bounce. Support was moved up, and aggressive traders could buy a pull-back with a stop just below the 61.8% extension to catch the rest of wave (i) off the low. Wave (ii) could be quite shallow IF this is the start of a 3rd wave, so swing traders may elect to hold through wave (ii) as surprises to the upside could resume as off the January low.
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I sold the remainder of my ST longs here. Still have some core positions for the bigger swing trade and will add back on a retrace. Support shown, but wave iv may only reach the 38.2% retrace of wave iii (and wave iii may not be done, so that level can move higher). Also, note that its possible wave iv is complete and wave v of (i) has begun...IF so, I'll add back on wave (ii) with support in the same region.
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Today's open CAN represent 5 up, making the (b)-wave much less probable. I switched the yellow micro count to green, matching the color of my primary expectation on the larger time frames. This makes the lower (c) of ii an alternate which, if it plays out, will have me stopping out of new long positions (not yet entered) and re-striking lower.
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Jv200909. nick.holland78
5 months ago
3 white soldiers on the daily chart. I am too chicken to sell here despite the negative div and overbought condition. I am waiting for the last w v (1) to sell.
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Jv200909. nick.holland78
5 months ago
Nick, could iv be done or we are going back and forth a few days around this level before going up to v?
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Jv200909. nick.holland78
5 months ago
Nick, let us know when you are ready to buy back gdx.
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nick.holland78 PRO Jv200909.
5 months ago
I'm still not sure if this is iv or (ii). Gonna trade for (ii), same same on entry. Exit will be a real-time decision. Probably get back in tomorrow or Friday. I'll post an update tomorrow. Looking at silver futures now.
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Jv200909. nick.holland78
5 months ago
I want to add some more if we go down to 30 or high 29 area. My position is too small for this bull. Yeah, keeping my eyes open tomorrow or Friday.
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Jv200909. nick.holland78
5 months ago
Wow, gold rallying huge premarket!
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Up against an inflection point this morning. Overnight low was 30.50. Was that all of (ii), or just an expanded b-wave flat? I do not know. I'm still a buyer under the green line.
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Jv200909. nick.holland78
5 months ago
Just another opportunity to buy the dips.
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