mjk123
Long

gdx, gdxj gold miners rebound till august

AMEX:GDXJ   VANECK VECTORS ETF TRUST JR GOLD MINERS ETF
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miners and gold made quite massive moves down.
after breaking the assumed trend line from the december lows we must find a different pattern to explain the recent moves.
my best explanation now is that we are about to complete an abc correction(now-august) before the last leg down(aug-dec).
this would also coincide with the seasonality in gold---up from now till august, then down till december...
Comment: after several intraday reversals in gdx(j) we could have reached the bottom for now...
Comment: i did expect last week to be a litte more bullish- in fact we are down a litte so watch out, this might go down quite a bit...
after all the surprisingly bullish fed actions i start loosing my bullish stance on gold and the miners...
i know believe we see some minor bounces, or sideways action over the summer
but in general we continue to go down till about december..
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do you know what will be the influence of the rebalance of gdxj in june on the stock?
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on 5/10 gdxj was up..hope it continues the direction
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what's the TP before the next leg down..
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mjk123 pmcllc
@pmcllc, i'd say a little above the last swing top (that would be 43-44range for gdxj; gdx a little higher because of the different pattern (27...)
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