649bruno
Short

GDX Update: Bear Trend In Effect, Stromger Than 48 Hours Ago

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
52 4 5
This is an update from 48 hours ago, a chart I published on-GDX.
I thought this was necessary because I watched as-GDX was recommended on national cable television today.
I strongly disagree.
Here are ONE DOZEN negatives I see in-GDX, and why I feel this-ETF is a sell:

1. Sell Fractals in effect (red rectangle on chart).
2. Alligator jaws NOW OPENED in tandem with sell Fractals. Alligator feeding in new 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. Tried to rally with an upside cross of the zero line, BUT FAILED
5. DMI-top indicator-is bearish . NEW NEGATIVE CROSS (red over green). This is a sell signal.
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”.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-GDX IN THE TOP MIDDLE INDICATOR.
IT IS VERY NEGATIVE, AND HAS GOTTEN MORE BEARISH IN THE PAST 48 HOURS, MOVING FURTHER DOWNWARDS.

Do I see an upside reversal for-GDX? No, I do not. In fact, the chart for-GDX has gotten weaker.
Good luck to you in all your trades. Don.
Chris_T
2 months ago
Recommendation on national cable TV is the kiss of death. That alone is enough to short it. *LOL*
Reply
649bruno Chris_T
2 months ago
Oh man, you made me laugh with your comment. Once I thought about it, I knew you were correct. Thanks! Don.
+1 Reply
Chris_T 649bruno
2 months ago
Please keep this chart updated - it's great! I also smell a decent selloff in gold before it goes higher and have an open order to buy @ 25, which is somewhere around $1270.
Reply
Chris_T Chris_T
2 months ago
See, the cable TV recommendation works every time. Good call! *LOL* Btw, I cancelled my order @$25 pre-open and bought a VERY small scout position at $23.50, right around the low of the day. Then again, today's low are tomorrow's highs! Let's see if this gets down to $22.00 or lower. The real buy zone in this one looks to be around $20.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out