looking athte GDX fractal, to see if the 3 impuls lower lows and how it plays out
Hello friends. GDX is the gold miner's ETF. We have heard recently from SentimenTrader that there is a good chance for a bounce over the course of the next month in this index based on several factors which we won't outline here. The odds are that we will bounce up for around 3 months, and then continue to move much lower. Our EWT count agrees with this data...
We have some resistance to over come , but look very bullish over the long term.
GDX could breakout from falling wedge within days and hit 61.8% resistance
GDX has proceeded to follow our primary scenario and has reached the support line at $28.83 by now. Next, it should drop below this mark and into the magenta zone between $27.49 and $19.52 to finish wave ii in magenta. Afterwards, the ETF should focus upwards, rise back above $28.83 and even further above the resistance at $40.13. However, there is a 30% chance...
Previous analysis appeared bullish, but the price movements in the last two weeks since failed. The weekly chart instead of following through with the bullish indications, reversed into a weekly gap down and further down for the next week. Weekly technicals are weak and suggest some bearishness. A clear failure for the GDX ETF to break above the weekly...
The weekly chart closed the week nice candle that had a long bottom tail, albeit a red candle, but bullish indication here. The daily chart had GDX gap down on Friday's opening, then rally hard to close a bullish engulfing, spanning across a resistance zone. This can form the higher low point later next week. Indicators are not yet bullish, but candlesticks are...
GDX found an interim bottom and bounced as expected, but it is not clear that it is bullish, as yet. the recet deep retracement put it out of the -3SD and it bounced back. But apprears to stall for a bit. Daily technical indicators are not very bullish and this suggests a bit more baking time needed. Weelly Gap area is the support, a a breakout of the downtrend...
Just as Gold and equities plummeted over the last 4 weeks, GDX was in no way spared, losing at least 25% from 4 weeks ago. An absolutely deep retracement following Gold prices. Daily candlestick pattern suggest a brief consolidation at current levels, 30-31. Do not yet see a bottoming pattern... not yet.
This is weekly GDX chart, testing multiple support levels - Channel lows, 200 SMA and long term support trend line. It's a good buy now for a quick bounce and also for long term. Given inflation is going to be hot for few more years, gold and gold miners will shine.
The multi year cup and handle provides good upside catalyst to hedge further geo-political risk. I don't think the Russia/Ukraine war is going to be resolved anytime soon. GDX is preferred over GLD here because GDX will have positive carry (from cash flows of the miners) and the spot price is high enough to warrant some production. This is a good place to start...
This is GDX’s motto only literally because its descent from the blue zone between $43.86 and $39.30 was far from unexpected and indeed completely in accordance with our primary scenario. After completing wave (b) in blue in the blue zone, GDX has established itself on its way downwards, and we expect it to continue this trend into the magenta zone between $27.49...
Putting $GDX on my radar... double bottom, possible C/H, breakout from trendline, now looking to 2020 highs. AMEX:GDX
In the last week, GDX erased the bullishness of the preceding month with one fell swoop of an Bearish Engulfing kind (weekly chart). So expecting continued bearish candles would be expected as it follows through. The daily chart supports that view so far, and it just broke down of the 55EMA, after a gap down. The good thing is that it did not really gap and...
Technically, the broad PMs sector still look very bullish on the longer run, with the next support on the weekly MA50 and on the falling wedge VPVR, with the next target around 46$. We might find bottom and get ready for a rebound to the previous top in the early summertime. It will coincide with the LME trading desk stopping its activities in junes (like spoofing...
AMEX:GDX 0.618 of Fib channel level coincides with the completion of the arc and median line of the Schiff at the $67 price level.
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Short term Elliott Wave view in GDX suggests cycle from October 2021 low ended in wave ((1)) at 41.61 as an impulse Elliott Wave structure. Pullback in wave ((2)) is currently in progress with internal subdivision as a zigzag (A)-(B)-(C). The ETF is currently within wave (A) of ((2)) with internal subdivision as a 5 waves. Down from wave ((1)), wave ((i)) ended at...