Chart pattern: Bull flag
Entry: Aggressive traders can enter the trade immediately as the price closed above the downtrend line. Otherwise a closing price above 54.56$ in combination with a high volume on the daily chart can be used as a more confirmed entry
Stopmanagement: SAR Parabolic weekly chart default settings
We are still at the early stages of a long term bull market
LONG now between 50 and 44 it's a good call long term and still get 200% and counting.
A drop in gold and the miners is still possible. Falling below 43 opens the doors below. Then a retest off the blue line makes sense.
LONG between 36 and 30.
Now if it falls further below it, be ready to empty your...
30% Probability goes to 37.40 then reverses impulses higher.
30% Probability goes to 42.70 then reverses impulses higher.
20% Probability goes reverses impulses higher from current level.
20% Probability goes up from current level to 51.0 then correct downward (A-B-C) lower than 42.70.
The last time the GDXJ had a falling wedge was around June 2020 FOMC, we have an FOMC coming up next week. High probability consolidation is over in this sector and metals will trend higher in the coming months thus sending miners on a new up trend.