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GDX - Elliott Wave Outlook
Bullish Swings - Patterns:
ABC swing in Intermediate (A) (green
Simple Correction in Intermediate (B) (green)
Ending Diagonal in Intermediate (C) (green)
Bearish Swings - Patterns
Sharp Bearish Impulse in...
GDX held 27.8 and went back above 28.2. Even though still in the box, daily and weekly shows a good odds to continue upside move tomorrow and the day after. Did not see the golden 10ma weekly touch to load more.
Control size though.
1. Recommended Positions
2. Price target within 10 days in the future
Stock price: 28.44 ~ 28.60
% Change: 1.84% ~ 2.39%
3. Investing section
=> In Falling section of high risk & low profit
4. Supply-Demand(S&D) strength Trend
=> About to begin a rebounding trend as a downward trend...
GDX is still 12% below its 2016 highs, despite Gold having already surpassed its 2016 peak of 1375 by roughly 5%.
On top of this, the GDX having more exposure to unhedged miners should result in GDX out-performing the HUI hedged senior miners in a bull market. This is not the case, as the GDX is actually under-performing the HUI. Highest probability assessment...
Bearish engulfing candle on GDX weekly chart.
Entered into 1 put contract of NUGT expires in a couple weeks.
I wish there was more to say about this but thats about it. Once again I prefer higher volume but the way it is decreasing for last several sessions implies a reversal.
Apparently my time off is not good and missed most of the crazy run last two days.
So for tomorrow, if GDX gapped down and failed to close above 28.6 will make it a bit bearish on daily. Ideally we should see price supported by 28.13 and end up tomorrow with a long tail. Xau 4h printed a bearish engulfing. A little cautious and need to review again tmr...