Chart of the Week: GDX
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GDX is showing both bullish and bearish price action.
GDX reversed off of the 0.5 retracement level from the impulse move up from March 20 to August 20. A reversal at the 0.5 is considered bullish and a buying opportunity. However, I believe there is clearer evidence of a bearish move. A head and shoulders pattern formed in white. GDX looks to of formed a topping pattern. We can forecast targets by taking the height of the head to neckline under the neckline as shown in white. GDX also may of just finished leg B of the ABC move down. The 1 to 1 retracement of leg A and B puts the end of the C wave at around $21-22 the same expected target for the head and shoulders. Starting of with a small short position.
GDX moves in turn with EEM and TIPS ( Treasury Inflation Protected), I am expecting eventual downward moves in these also.
GDX reversed off of the 0.5 retracement level from the impulse move up from March 20 to August 20. A reversal at the 0.5 is considered bullish and a buying opportunity. However, I believe there is clearer evidence of a bearish move. A head and shoulders pattern formed in white. GDX looks to of formed a topping pattern. We can forecast targets by taking the height of the head to neckline under the neckline as shown in white. GDX also may of just finished leg B of the ABC move down. The 1 to 1 retracement of leg A and B puts the end of the C wave at around $21-22 the same expected target for the head and shoulders. Starting of with a small short position.
GDX moves in turn with EEM and TIPS ( Treasury Inflation Protected), I am expecting eventual downward moves in these also.
註釋
Bulls can also attach a pitchfork to this graph註釋
If 37 is broken bear case goes out the window.註釋
If it does not double top at 37, next target is 39.註釋
If you are looking to buy GDX it will surely be at 34 in the coming weeks. I am still bearish on GDX fundamentally. No position. just watching註釋
shorting now註釋
It is risky shorting now, start off with a really small position. Wait for confirmation to add註釋
Bulls should be targeting 42 then 45註釋
註釋
coiling up should hit 42
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