Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
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This chart shows the close of business on April 21 (the day before the reverse split and the change to 2x GDX and not 3x) thru today. The consolidation formation shows two flags, one marked in yellow and the other green. If the yellow is followed we have broken out, if we use the green we are still waiting for a break. Either way we are right at FIB resistance. Miners have been tough to gauge but it looks like they want to move higher as do the underlying metals. For the first time in about five weeks the picture looks a little better. Not jumping in with two feet yet but watching super closely. Indicators turning up too. Wait for it!
Comment
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Bounced right off Fib support. Miners appear to want to go up!