GDX: Looks Like The Gold-Miners Are Building Towards A Rally
Yesterday I wrote that there are two kinds of weakness.
One you stay away from, the other you take advantage of.
GDX-has gone sideways for quite some time. This may end soon with a strong up move. Here are the positives that I see:
1. BUY Fractals in effect (rectangle on chart).
2. 5 Impulse Wave and 3 corrective wave pattern completed.
3. Chop indicator (under chart) (indicates a trend or choppy action) is below the 38.2 shaded area, indicating a trending stock.
4. Phase energy (lower top indicator) is heading lower - look for this to reverse.
5. RSI / Stochastic (top indicator) is over-sold and heading up.
6. The Ichimoku Cloud is rising.
7. The trend-line is rising.
8. Shorter term charts show more dynamic positives.
I think the weakness in-GDX is one you take advantage of. I think a rally is brewing. Good luck to you. Don.
One you stay away from, the other you take advantage of.
GDX-has gone sideways for quite some time. This may end soon with a strong up move. Here are the positives that I see:
1. BUY Fractals in effect (rectangle on chart).
2. 5 Impulse Wave and 3 corrective wave pattern completed.
3. Chop indicator (under chart) (indicates a trend or choppy action) is below the 38.2 shaded area, indicating a trending stock.
4. Phase energy (lower top indicator) is heading lower - look for this to reverse.
5. RSI / Stochastic (top indicator) is over-sold and heading up.
6. The Ichimoku Cloud is rising.
7. The trend-line is rising.
8. Shorter term charts show more dynamic positives.
I think the weakness in-GDX is one you take advantage of. I think a rally is brewing. Good luck to you. Don.
