KeyTrade
Long

Long GDXJ (Alternative view from previous analysis)

AMEX:GDXJ   VANECK VECTORS ETF TRUST JR GOLD MINERS ETF
One week passed, GDXJ starting to form a bottoming signal (rising volume and bottom wick). With the equity market ( SPY ) so weak, gold may have the chance to breakout.

If GDXJ breaks above the triangle trend line , that will be a false breakdown. That we should expect a huge rally ~20-30% from current level.

The only risk is yield is about to explode, so if gold is negatively correlated to yield, this is unlikely to happen.

Trade plan: wait til the break above trendline to initiate long position. Otherwise, I am still short biased.
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