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GDX

Elliott Wave View: GDX Extends Higher to 7 Year HighElliott Wave view in Gold Miners ETF (GDX) suggests the rally from March 16, 2020 low is unfolding as a 5 waves impulsive structure. Up from March 16 low, wave (1) ended at 27.21 and pullback in wave (2) ended at 23. The ETF then extends higher in wave (3) towards 32.27 and wave (4) pullback ended at 29.37. The 45 minutes chart below shows the internal of wave (3) which unfolded as another impulse of lesser degree. Wave (4) correction ended as a triangle. Wave A ended at 29.37, wave B at 31.12, wave C at 29.45, wave D at 31.13, and wave E of (4) ended at 29.45. The instrument then extends higher again in wave (5) with potential to end at 32.61 – 33.87 (blue box). This move will also complete wave ((1)) and thus ends cycle from March 16, 2020 low. Afterwards, the instrument can see larger pullback within wave ((2)) to correct cycle from March 16, 2020 low in 3, 7, or 11 swing before turning higher again. We don’t like selling the instrument and GDX can always extend higher as the structure is in 5 waves. Furthermore, the sequence from January 2016 low appears incomplete with 100% – 123.6% Fibonacci target towards 36 – 40.6.
AMEX:GDX
by Elliottwave-Forecast
THE WEEK AHEAD: SNAP, NFLX, IBM EARNINGS; /ZC, /CLEARNINGS: IBM (63/54) announces Monday after market close. SNAP (92/102) announces Tuesday after market close. NFLX (66/70) announces Tuesday after market close. EXCHANGE-TRADED FUNDS ORDERED BY IMPLIED VOLATILITY RANK/PERCENTILE SCREENED FOR RANK >50/IMPLIED >35%: XLU (77/47) GDXJ (77/84) GDX (67/65) SLV (66/45) TQQQ (63/111) USO (62/112) XLE (59/70) EWW (58/54) EWZ (53/69) XOP (59/91) BROAD MARKET EXCHANGE-TRADED FUNDS ORDERED BY IMPLIED VOLATILITY RANK/PERCENTILE: IWM (72/54) QQQ (47/38) SPY (45/28) EFA (44/31) EEM (41/36) FUTURES ORDERED BY IMPLIED VOLATILITY RANK/PERCENTILE: /ES (44/40) /NQ (47/39) /YM (51/13) /RTY 72/53 /CL (62/130) /NG (94/71) /GC (67/27) /SI (66/43) /ZC (57/28) /ZS (33/17) /ZW (27/31) Notes: Pictured here is a /ZC August 21st 310/330 long call vertical, currently trading at 11.25 with a break even at 321.25 versus 321 spot. Ideally, you'd want to put this on with at least make one/risk one metrics, which would occur if the spread priced out at 10.00 even or below. /ZC is tantalizingly close to those August 2016 lows at 310 '06 ... . Another future worth mentioning here: /CL. As I write this post, the May contract is currently trading at multi-year lows at 15.09, with the June contract trading at 23.66. May drops off this week with the question being how low the June contract will go. I continue to look to sell puts on weakness in the active contract at or below $20. VIX/VIX DERIVATIVES: VIX finished the week at 38.15 with the /VX term structure in backwardation.
CBOT:ZC1!
by NaughtyPines
Gold Testing $1,800 While the stock market isn’t seeing the strong bounce that the Federal Reserve was trying to manifest via trillions of freshly printed dollars thrown at the bond and credit markets, gold is loving the massive increase in the money supply. Price is currently testing highs not seen since October 2012 near $1,800 which is where the current resistance level rests. I’ve been expecting a re-test of the all-time high of $1,923 by the end of the year, but at this pace we may see it within the next month or two. After finding recent support at the 61.8% Fibonacci level which indicated uptrend continuation, price has now pushed above the 78.6% Fib level which is the most bullish of the Fib levels for price to be trading above. As long as price remains above the 78.6% level the trend can be expected to continue upward. Any pullback that holds above the 61.8% Fib level can be viewed as a bullish pullback and a buy opportunity. The Relative Strength Index(RSI) shows the green RSI line at the 75 level which indicates strong momentum behind price. Above 50 is bullish, above 60 indicates strong bull momentum. The purple signal line is also above 50 and rising which indicates that the intermediate momentum trend is bullish along with the short-term RSI momentum trend. The Price Percent Oscillator(PPO) shows the green PPO line rising above the purple signal line, with both lines above the 0 level. This indicates that overall momentum behind price is bullish. As long as the green PPO line is above the purple signal line the short-term momentum will remain bullish. The overall view on gold remains bullish with the expectation of a new all-time high above $2,000 being made this year.
COMEX:GC1!Long
by PrepForProfit