MoneyPatterns

GDX – Small Gap Missed Reason for Downtrend?

AMEX:GDX   VANECK VECTORS ETF TRUST GOLD MINERS ETF
Found a 3 cent gap around $27.87. Easy to miss. We are headed to gap fill, then back up in my opinion.

Trade Entry
I would look to place hopeful orders in the gap fill, and below the gap fill for overshoot.
I am holding 1/31 expiry options. May add to position if we get to the gap fill.
Market at ATH’s with GDX gap fills tells me things are ready to flip anytime into pullback/correction.

Chart Details
All other details other than the gap fill are the same as previous chart.
Bullish pennant failed.
Price retested recent highs.
Current price at $28 has 10% upside to last high around $30.
Daily trend did confirm bearish today.
Multiple gaps to fill above tells me price wants to go higher.
Watching RSI for bounce off support around 43. If we get below 40 RSI , trade is totally off.

About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD , GBTC . Short term GDX Bullish , SPXS Bullish , CRWD Bullish short term, ZM Bullish , BYND Bullish

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