649bruno
Short

GDX: Update, Bearish Conditions Still In Effect

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
65 0 8
Here are ONE DOZEN negatives I see in-GDX, and why I feel this-ETF is a sell:
1. Sell Fractal in effect (red rectangle on chart).
2. Alligator jaws opened in tandem with sell Fractals. Alligator feeding in down-trend. THIS IS YOUR DIRECTIONAL COMPASS.
3. Chop indicator (under chart) is well above the 38.2 shaded area. This indicates a ZERO trend and, at best, sloppy action with a downward bias.
4. Phase energy (lower top indicator) is below the zero line.
5. DMI-top indicator-is bearish .
6. Prices are trading UNDER the Ichimoku Cloud . This is a sell signal.
8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud . This is a sell signal.
9. Prices are trading below the thick red Ichimoku Cloud conversion line. This is a sell signal.
9. The red Ichimoku Cloud conversion line direction is heading lower. This is a sell signal.
10. The Ki jun-Sen baseline of the Ichimoku Cloud direction is heading lower. This is a sell signal.
11. The CHOP ZONE indicator (under chart) is red, indicating a down trend.
12. The middle top indicator is a forward projection as follows: For an estimation of possible FORWARD TRENDING I use the Ichimoku Cloud Senkou Span A (Leading Span A): (Conversion Line + Base Line)/2)). This is the midpoint between the Conversion Line and the Base Line. The Leading Span A forms one of the two Cloud boundaries. It is referred to as "Leading" because it is plotted 26 periods in the future and forms the faster Cloud boundary. I then make an oscillator out of this and plot the progress up and down around a “zero line”. Currently the forward projection is VERY WEAK.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-GDX IN THE TOP MIDDLE INDICATOR. IT IS VERY NEGATIVE.

Based on the above 12 indicators, I feel GDX-is heading lower. Good luck to you in your trades. Don.

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