Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
⋅
Pennants appear at about the halfway point of moves. To be conservative, I'm using $26 dollars as the break out from the down trend and then the previous peak high of 40.17 as the end of the move. This gives a move of $14 which is then added to $40. The measured move then becomes $54 which is the next target price.
I don't expect this to be anything at all like a straight line move as the gold ETF's have proven to be extremely volatile but when this reaches $54, if in fact it actually does, I expect another consolidation period perhaps in the form of a pennant or bull flag.
BTW, the charts of XAU, HUI, and GDX all look the same and all broke out today.