AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
146 18 2
Update to earlier ideas. GDX             hit the 161.8% extension in the presumed wave iii             of ( iii             ) of 3. This morning's weakness looks like a wave iv of ( iii             ) pullback - and may not be complete quite yet. Below the red line and "Support" region I'm clearly wrong on the wave degree and will update the bigger picture. I expect pullbacks will continue to be brief and shallow throughout the 3rd wave.

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nick.holland78
GDX - 2hr
nick.holland78 PRO about GDX 12 4 months ago
I plan to begin taking profits on current positions in the 32/33 range. Will likely re-enter those positions in wave (iv).
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JonR nick.holland78
5 months ago
nice timing on your call!
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nick.holland78 PRO JonR
5 months ago
Possible wave iv goes down again into the support region in an a-b-c corrective formation with the current bounce as wave-b. Clearly over yesterday's high that's not likely. Even then, an expanded or running flat is possible to extend wave iv of (iii) further in time. Trying to catch the elusive one-more-low in the middle of a 3rd wave is quite difficult. Short covering and chasing are characteristic of the larger market, and retraces can be short-lived.
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Possible to see a lower iv here, right at the bottom of indicated support.
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nick.holland78 PRO nick.holland78
5 months ago
BTW, the 4th wave of one lesser degree is a common target here. See the green (4)? Doesn't have to go this low, and IF the pattern in indeed as bullish as I've indicated I don't expect price to hang around there long, if even during RTH.
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Jv200909. nick.holland78
5 months ago
Not waiting for the C down anymore. I have started nibbling some gdx.
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nick.holland78 PRO Jv200909.
5 months ago
GDX likely finished c of iv in the pre-market hours at 28.54.
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Jv200909. nick.holland78
4 months ago
This wave iv has lasted too long
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nick.holland78 PRO Jv200909.
4 months ago
That's what 4th waves do. Ever hear of the theory of alternation? Starting to resemble a triangle although a 1-2, (1)-(2) count off yesterday's low is also a valid interpretation.
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GDXJ is in a very similar situation, and I may be off by a degree on labeling the sub-waves. Could also be targeting the lower portion of indicated support which MAY be the 4th wave region in one lesser degree.
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Jv200909.
4 months ago
Nick, what is that red arrow indicates? Does it indicate a break of purple trend line gdx will go to the red support or even into the bolded white letters Support area?
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nick.holland78 PRO Jv200909.
4 months ago
Indicates a break of support. I suspect we're in a 4th wave consolidation of some degree. Looks like a correction in TIME versus a correction in PRICE. I'll update again when resistance gets taken out in an impulsive fashion, or if support breaks. I'm holding positions firm...for now.
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Jv200909. nick.holland78
4 months ago
Low volume selling, purple trend line not broken.
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30.43 is the pre-market high this morning. Taking out 20.43/.45 with gusto suggests wave iv is done and (iii) of 3 is underway. I've lowered my red line a bit, allowing for a deeper correction in price. Below the 61.8% extension I'll elaborate on alternatives. On larger timeframes this correction is still quite shallow in the big picture. Just eating up option premium. Sorry my annotations are a bit cluttered, but this is what I'm watching for those interested.
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Jv200909. nick.holland78
4 months ago
Perfect! Thank you!
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Jv200909. nick.holland78
4 months ago
Beautiful gdx chart. Target for v on your chart at 27.90 and we bottomed 27.80.
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GDX has broken below upper support. Below 27.70 I'll be real concerned for the immediate continuation of wave 3. Need be get back over resistance to convince me this mini-crash was the end of wave-c in iv.
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