649bruno

Chart School 101: A Warning For Goldbugs: Part 2 Of 2

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
64 0 4
Yes, I am positive about GDX             . But don't forget the big picture. Above is the chart of GDX             , which has risen a lot since 2016 began. Again, the pattern I have highlighted is called a "Bearish Continuation Wedge". This indicates that if support is violated at about $19.80, the price could fall as much as 50%. If this stock ( GDX             ) stays in an uptrend, the prices will continue to rise above the lower parts of the WEDGE . The bar-type oscillator on the bottom is warning me that the phase 2 pulse energy of the price action is weakening. Some would argue that this is a great entry point, but it is risky. For the record, I am positive on the outlook for GDX             , but always be alert to where the vehicle you choose ( stock ) has come from. GDX             has almost doubled since the beginning of 2016. The most important word for you today is "caution". I feel that gold             stocks will continue to jump higher - just don't chase them.
I hope this has been entertaining, helpful, and informative. I also hope it saves you money. Yours for better trading, Don.
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