As a person who was long gold-miners until recently, I feel the technical conditions for GDX-are now bearish.
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 Fractal. Alligator feeding in down-trend.
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 heading LOWER. The action is below the zero line.
5. Momentum (middle top indicator) is the 5/34 measure, and this is bearish action and is heading lower. Histogram within is also heading lower.
6. Prices are trading inside the Ichimoku Cloud .
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. RSI/ Stochastic (top) is heading lower after a bearish cross.
In my opinion-GDX is heading LOWER. I have given you a dozen negative signs as my objective evidence.
I have also placed green and red VERTICAL BARS on the chart so you can see how CHOP, FRACTALS, and the INDICATORS work with each other.
As the CHOP heads below the shaded area, trigger points occur, both up (green vertical bars) and down (red vertical bars).
Because of the recent sell Fractal and other negative signs, its hard for me to envision GDX-heading into a new up-trend.
Good luck to you in all your trades. Don.
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 Fractal. Alligator feeding in down-trend.
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 heading LOWER. The action is below the zero line.
5. Momentum (middle top indicator) is the 5/34 measure, and this is bearish action and is heading lower. Histogram within is also heading lower.
6. Prices are trading inside the Ichimoku Cloud .
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. RSI/ Stochastic (top) is heading lower after a bearish cross.
In my opinion-GDX is heading LOWER. I have given you a dozen negative signs as my objective evidence.
I have also placed green and red VERTICAL BARS on the chart so you can see how CHOP, FRACTALS, and the INDICATORS work with each other.
As the CHOP heads below the shaded area, trigger points occur, both up (green vertical bars) and down (red vertical bars).
Because of the recent sell Fractal and other negative signs, its hard for me to envision GDX-heading into a new up-trend.
Good luck to you in all your trades. Don.