Suffering with my long Position GDXJ
I would like to share my thought about our current stage, as things seems to go wrong.
1) So far, the long term view has not been damaged. That means, I still see a new up leg. The base, that means the consolidation, has taken more that I thought. So It went out of the two parallel lines of the channel. So as it is said: the larger the base, the larger the move.
2) We are at a critical juncture. Historically, these lines have been good supports, even in the previous bull market (2000-...) So I'm confident that they will remain as supports.
3) Correction should have ended today. Although i don't have confirmation until tomorrow. I am not selling. I don't expect more falling. A new 4-5 days move up should start tomorrow and some gaps up (if not all) should be filled
4) During the previous consolidation, we also have a day under the line.
5) That's my point, and I don´t want nobody to suffer if I´m wrong, so please be care always. I've wrong in the pass and I will be wrong again, hope not this time.
1) So far, the long term view has not been damaged. That means, I still see a new up leg. The base, that means the consolidation, has taken more that I thought. So It went out of the two parallel lines of the channel. So as it is said: the larger the base, the larger the move.
2) We are at a critical juncture. Historically, these lines have been good supports, even in the previous bull market (2000-...) So I'm confident that they will remain as supports.
3) Correction should have ended today. Although i don't have confirmation until tomorrow. I am not selling. I don't expect more falling. A new 4-5 days move up should start tomorrow and some gaps up (if not all) should be filled
4) During the previous consolidation, we also have a day under the line.
5) That's my point, and I don´t want nobody to suffer if I´m wrong, so please be care always. I've wrong in the pass and I will be wrong again, hope not this time.
Trade active:
We have no t break the Support level. We are again at the same situation we where a month ago. Also the ratio is at the same level.
It "MUST" hold. That means we should reverse today, that means no more fall from these level and begin to move up.
Seems we have to wait for the election to any move (up).
We need to overcome 2016 levels, which we didn't yet.
But, things are critical again.
We are at the same levels as the 11th August and 23 September. From that levels miners rose.
This is the third time. I expect, wish it holds and rise to new highs after election. But caution is needed also.
It "MUST" hold. That means we should reverse today, that means no more fall from these level and begin to move up.
Seems we have to wait for the election to any move (up).
We need to overcome 2016 levels, which we didn't yet.
But, things are critical again.
We are at the same levels as the 11th August and 23 September. From that levels miners rose.
This is the third time. I expect, wish it holds and rise to new highs after election. But caution is needed also.
Trade active:
Gold breakout is ongoing!. Relax time being bull until we reach 63-66 $ levels.
Trade active:
I expect a rise for a few more days. That means that we could "top" Monday or Tuesday. The move up is going to continue. So from now until we see some clear uptrend channel pattern, the most important is to STAY IN.
If this is like I think it is, will long till year end or more.
I will not short, but I will try to exit and enter again, trying to gain more positions of JNUG as the move advances. This is not easy, but is not risky.
Confirmation will come once we overcome the 66 $ level. But we could see some rejection there before we go over it. That is what I expect next.
Have a nice weekend.
If this is like I think it is, will long till year end or more.
I will not short, but I will try to exit and enter again, trying to gain more positions of JNUG as the move advances. This is not easy, but is not risky.
Confirmation will come once we overcome the 66 $ level. But we could see some rejection there before we go over it. That is what I expect next.
Have a nice weekend.
