KWEB developed similar pattern at different magnitude. Can use 2 weeks option play.
May even have a better entry on Tuesday / Wednesday.
If GDX wants to go higher, it must react now. Worth the risk to long term OTMs. Stop loss is prior low 30.69, should not test that.
Look for a hammer on weekly to establish a long entry.
Like this negating a bearish pattern. Will add in the next few days, if the market give me the chances. Otherwise wait until channel breakout.
The thoughts were triggered by a twitter sharing from someone else. This is for LONG. Look at daily, could be a local bottom looks like a 50/50. Weekly definitely says very likely there is new low ahead to form a reversal on a weekly basis. Also kissing weekly cloudy is likely. Given how steep the cloud back it is, it is possible to see a deep drop and...
Can continue higher until UAL take out June high of 49. Stay long.
Above 50.5 can squeeze higher in short term. Otherwise wait for 35 and 30.
Not really interested in playing.