The GDX, which is an ETF comprised of precious metals mining shares appears to be topping with a head and shoulders pattern when compared to the DOW. Basically when this ratio reduces the GDX becomes more valuable when compared to the DOW Jones Industrial average and broader stock market. This ratio appears to be trapped in the undervalued zone (for the GDX) and...
Range low at $28.90 was defended by buyers. Looks as if we have found a bottom for now. If it continues with some momentum the stock could see the range highs at $34.91. Would need to break past range high to confirm shift in market structure. Not in a position at the moment as I wait to see which route GDX takes. Bullish longer term on gold and precious metals....
At downtrend channel bottom
Touch Demand Zone
Entry 34
Stop 31
Target 45
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Today, I also long GLD, AUY, GOLD, KGC, MUX, NGD, KL; (FNV, SBSW, GFI pending order, NEM was bought last...
Oops... Gapped down later last week.
Again, more downside, watch for breaking of the range into the Buy Zone, and more importantly IF the support holds (white line).
The GDX ist moving downwards again, which is the primary direction we are expecting this market to develop. With this turnaround, an alternative surge is now neutralized and we now need to wait for the course to reach the area around $22.51, where we expect the next turnarund - but this time to aim for rising prices. It remains important here that the course does...
Large falling wedge considation. Could lean on the low as a double bottom 29.68 but the main support line on the lower end is 27.50. Last lower buy back was 28.80sif we bounced there. If we pop downward resiatnce of 33.60 target would be top of the wedge at old high pulling a FIB from high to low if the move, .382 fib is 28.84 .618 on upside is 34.80
GDX yet again pushing lower. Obvious reasons in Daily chart (right)
Inthe next two weeks, it is likely to be looking near the last low, for a higher low... the third time it is doing this. Possible the last coiling before a bull run develops.
Wait for it...
The Elliott wave view in GDX suggests that the main cycle from the August 20, 2020 peak is showing an incomplete sequence. Favoring more downside to happen based on sequence towards $24.80- $21.36 area lower before a turn back higher happens. While the short-term cycle suggests that the decline to $30.05 low ended wave 1 of (C) in 5 waves lower. Up from there, GDX...
Quick update that previous attempt for GDX to rally up was pre-mature. Still not yet in a bull trend.
Weekly chart had a break out above 55EMA fail in the last couple of weeks, only to bounce off a support. Technicals not totally aligned so may consolidate for a couple more weeks before some clarity forms.
Daily chart (right panel) shows the failed attempt,...
Hello everyone, I am predicting a rise and very likely big fall of the gold miners. Seasonally the last 3 years the precious metals space has risen into the end of the year and peaking in early January. I do not expect any different this year with Powell recently coming out at the last FOMC meeting and saying 3 rate hikes in 2022.
But what about all the money...
Did you see the inverse trampoline on the weekly GDX?
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Wave 3 PT 39 - Calls here super cheap even for time. Should be hitting 39 on this impulse up. About to pullback for a minute 2. All dips are a buy here
Short Term Elliott Wave view on GDX suggests cycle from October 4, 2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from October 4 low, wave (1) ended at 33.95 and pullback in wave (2) ended at 30.96. The ETF then extended higher and broke above wave (1), suggesting wave (3) has started. Up from wave (2) low, wave ((i)) ended at 32.69 and...
GDX - Broke the Lower lows and lower high pattern a month back - Completed corrective wave pattern.
Formed the R H S .
Broke out the RHS
Above VWAP.
Directionally very bullish till resistance zone marked in yellow .
Arca
