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goodguy
Mar 22, 2017 3:13 PM

GDX: still bullish but may get a short term pullback 

VanEck Gold Miners ETFArca

Description

We did get a rally in the minors after the at the .62 pullback level (labeled (2)or (B)). I took some profits yesterday as I think there may be a short term pullback before the next advance. I am still longer term bullish. We'll see.

Comment

May hit the target area in the next couple of days. If we do and GDX turns up and breaks the short down trend line I will go long with the stop at the nearest low ("2").
Comments
ali_12345
i agree 100%
7878max
@7878max, To me, I got an ABC going up in price starting 3-9-2017. A was the 5 waves up, then B 3 waves down and I feel we're in the final C wave. Big wave 1 in C, small 3 in C then normal wave for 5 C. Wave 4 in C went into 1, but I feel if 1 is extended then 4 can go into 1. Same final results as your chart.

Practical charting we hit the 50sma on daily and I think around the 50sma on weekly will cap off this run. This also fits my wave chart and your wave chart. Still stops as usual.

See what happens next soon!
goodguy
@7878max, thanks for all your thoughtful feedback. Just looked at your gdx chart will leave a comment on that
7878max
I think your target is good with a +or- on price.
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