GDX - Bull Flag Breakout - Weekly Bullish Trend Flip
On Weekly chart shown, GDX formed a bull flag and is ready for breakout.
Price went outside wedge and retested 10WeekMA/outer wedge of triangle - looking good.
Buy signal on today's Daily candle. Weekly candle still on buy signal at end of long bearish trend.
Weekly rend shows next flip is Bullish. Next Daily trend flip is also Bullish.
RSI trend is also forming bullish wedge pattern. Same level as Bull Flag breakout beginning.
Gaps to fill (red boxes) line up with 1.618 Fib extension.
If SP500 sells off or VIX spikes, then I expect GDX to get bullish.
EXITS
$34 (top gap fills)
RSI over 70
Giant cup formation (pink curved line) can only be seen on 19D chart or greater.
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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL
Price went outside wedge and retested 10WeekMA/outer wedge of triangle - looking good.
Buy signal on today's Daily candle. Weekly candle still on buy signal at end of long bearish trend.
Weekly rend shows next flip is Bullish. Next Daily trend flip is also Bullish.
RSI trend is also forming bullish wedge pattern. Same level as Bull Flag breakout beginning.
Gaps to fill (red boxes) line up with 1.618 Fib extension.
If SP500 sells off or VIX spikes, then I expect GDX to get bullish.
EXITS
$34 (top gap fills)
RSI over 70
Giant cup formation (pink curved line) can only be seen on 19D chart or greater.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL