tommyelltom

GDX/GOLD ETF - ABC CORRECTION

Short
AMEX:GDX   VanEck Gold Miners ETF
Good time for correction move.
Comment: Still good entry for the short. Chart is a bit adjusted. After breaking the triangle support which is the results of the wave B. We can expect the wave C.

Comments

I would love to see GDX back around $20 like in May but does that mean Gold has to go back to $1250 - $1300?
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tommyelltom MICHAELGILCHRIST
@MICHAELGILCHRIST, Yes of course. It would mean that gold fall to 1300-1270.
It is possible, but I'm focusing at the first bigger stop $24,2 -> $1380. There I would expect the bounce and we shall see if we can break up.
If not, then my target will be $23-22.
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