Double bottom forming base of W. Huge volume at lows (somebody wants this thing at lows when retail is selling). Build confidence, break it down and shake weak hands. Then... Up, up, and away. Also lines up with the Gold chart.
Gold has been an under-performer in the uncertain global markets
However, structurally long $GDX offers significant upside
We have outlined trade which can be accessed on profile however a summary is provided
-2 Month Call skew 2.22 standard deviations above its 1 year mean
-2 Month implied volatility is near mid-range (64th percentile over the last year)
-GDX...
$nugt, $dust, $jdst, $jnug, $gdxj, $xauusd
Miners.. possible supportive TL here? Apex line will be supportive if not.. if not the apex line, then where?
Playing long here, entering today, i have been following gold minders for years and I think we are close to breaking this inverse head and shoulders bottom pattern. Market is topping, cryptos are in bear market rally mode, gold will have its day in the spot light.
Buying the dips, going heavy long.
Lets make some money!
Cheers!
I went long on $NUGT after the test of key support today. I always keep my trading simple and this is as simple as it gets. I am recommending traders buy the gold miners above key support with a tight stop loss and a target near the upper resistance of the 2017 trading range.
Attached are two charts for discussion. GDX seems to have formed a 3 drive pattern which would put its target at 0.618% fibo retracement. So, not there yet, but soon. The USD seems to be in a BULL FLAG, completion should be soon. So, short GDX now seems the way to go, but not for long.
This is the view I currently favor. Ifffff correct price should not go above 25.71 (a). May want to wait for short term uptrend line to be broken. Daily RSI has a negative reversal followed by bearish divergence which often is followed by a drop. Process your way.
booked some gains or sold some calls and waiting for the feds come wednesday.....think the trade still ok..watch the channel and fibs for extremes/bear traps/look below and fails
