The metals have been stuck in a range for quite a while. Gold Miners ETF (GDX) appears to have made 5 waves up since the crash in 2020 and formed an ongoing complex correction. What do you think? Has GDX bottomed? Take note of the lower stoch/rsi wavetrend indicator and the broadening nature that has occurred since this correction. This looks like a hidden bearish pattern that will eventually break. When it breaks, GDX is likely to move up incredibly strong. Perhaps one more push lower? I don't know... But I'll be ready if it drops again.
For me, I have some medium-longer term targets over 55-60.
@tomnguyen0820, take note of the faint purple fractal I used to demonstrate the possibility of it dropping to 25-27 range. I have been slowly accumulating 2024 calls for gdx and am prepared to build up this position over the coming weeks or months if it's flushed lower.. miners are at a historical low compared to anything else.
gghsusa
⋅
@tomnguyen0820 here's something else I'm watching. it's a ratio.. but it's a biggie. it's GDX/SPX. This cycle low is what I call the accumulation zone. you may not know exactly what the low will be but it's within the large window of time to accumulate. What will be really incredible to see is when this ratio simply returns to 2011-2013 levels and beyond.