GreekGatsby14
Long

GDX IN AN ASCENDING TRIANGLE PATTERN

AMEX:GDX   VANECK VECTORS ETF TRUST GOLD MINERS ETF
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The miners have been seesawing in an ASCENDING TRIANGLE PATTERN since October last year. This pattern calls for a 70% chance of an upward breakout but I must warn you that this pattern is mediocre in reliability. The pattern is more reliable when the price action holds few gaps and the volume decreases as the pattern progresses ... both criteria are met.
The breakout ... up or down ... occurs around 60% of the way to the apex of the triangle which would be approximately in 5 weeks from now ... so around Christmas ... where the green arrow has been drawn.
The math determining the targets has been done for both cases ... up and down.
A clue as to the direction of the breakout may lie in the GDX:GLD ratio. Usually the miners lead so that ratio should turn up when the gold price is about to rise.
Hi mate any update, I rkn she is going to break down, There just isn't enough reason to be bullish gold right now
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