GDX Update: The Setup: Bearish Wedge, Five Wave Elliott Pattern
One of the readers of my charts said I had "tunnel vision". He said I was so hung up on Fractals that I missed the bigger picture.
I can publish a chart for you, which is a static road map of market action.
But you should realize that I do a seven to one countdown and select the most appropriate chart to show you.
This means I actually look at seven charts to present you just ONE. These are:
1. Weekly 2. Daily. 3. Four Hour. 4. Three Hour. 5. Two Hour. 6. One Hour. 7. Thirty Minute.
Most time horizion charts for-GDX are very negative.
As for this chart on-GDX: Plenty of NEGATIVES...
1. There is a wedge that will most likely be a decision point.
2. Inside the wedge is an-Elliott five-wave pattern. This should be followed by three corrective waves.
3. The top middle indicator is a 13 interval momentum of the phase energy, and this is crossing the zero line down-wards.
4. The top indicator is a 34 interval momentum reading of the GDX-price. This is weak, heading lower.
5. Chop (under chart) is in the shaded area, indicating an absence of trend.
6. Chop zone (under chop) is red, indicating a downward bias.
7. The red conversion line of the Ichimoku Cloud is heading lower.
8. The black baseline line of the Ichimoku Cloud is heading lower.
9. Prices are trading below the conversion line and baseline.
10. The Ichimoku Cloud is heading lower.
11. The Ichimoku Cloud has a red border.
There are so many negatives I believe the wedge will be resolved to the down side.
I hope all of your trades go well. Don.
I can publish a chart for you, which is a static road map of market action.
But you should realize that I do a seven to one countdown and select the most appropriate chart to show you.
This means I actually look at seven charts to present you just ONE. These are:
1. Weekly 2. Daily. 3. Four Hour. 4. Three Hour. 5. Two Hour. 6. One Hour. 7. Thirty Minute.
Most time horizion charts for-GDX are very negative.
As for this chart on-GDX: Plenty of NEGATIVES...
1. There is a wedge that will most likely be a decision point.
2. Inside the wedge is an-Elliott five-wave pattern. This should be followed by three corrective waves.
3. The top middle indicator is a 13 interval momentum of the phase energy, and this is crossing the zero line down-wards.
4. The top indicator is a 34 interval momentum reading of the GDX-price. This is weak, heading lower.
5. Chop (under chart) is in the shaded area, indicating an absence of trend.
6. Chop zone (under chop) is red, indicating a downward bias.
7. The red conversion line of the Ichimoku Cloud is heading lower.
8. The black baseline line of the Ichimoku Cloud is heading lower.
9. Prices are trading below the conversion line and baseline.
10. The Ichimoku Cloud is heading lower.
11. The Ichimoku Cloud has a red border.
There are so many negatives I believe the wedge will be resolved to the down side.
I hope all of your trades go well. Don.