Gold/miners to pull back? Long term bullish but a correction should be welcomed by bulls
$gdx $gdxj $nugt $dust $jnug $jdst
$gdx $gdxj $nugt $dust $jnug $jdst
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stock/rsi...
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I do want to emphasize that this could be a short lived correction in the grand scheme of this bull run... gold/silver you can't ever go wrong buying at any price in fiat money.. it's value is hard to pin down on a chart in any currency. I'm just speaking from a technical perspective.
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GDX-
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I had a medium top in miners/gdx pinned around 29-30 but it's been so bullish. I had 12 calls in GDX from 20! I'm a little embarrassed I took profit way too early, ha. Oh well, we do our best. Gold/miners are just now getting a lot more public attention so it could break any bear divergences or corrections I am expecting.. but still, I would like to see it cool off before I jump back in long.
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confirmation on a correction/consolidation- Finally! I'm looking forward to this- I want more lower!
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I suspect we'll have a few weeks (maybe 8 weeks?) of correction/consolidation:
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I'm hoping for a deeper correction.. I'd love to see it back down to 1390-1400 (or where that trend line is)
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miners- possible pivot lower
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bring it down
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I'm wondering...
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I have my doubts on it coming down as low as the #4 I have on this chart before this next potential wave 5. The 2 wave was fairly short consolidation.. Wave #3 is normally the largest/strongest wave up but the depth of the pullback is in question. I think it could turn at any moment. I have a small position in gdx calls as well as slv calls- I would consider selling them if we moved up strong over 1650 gold price..