Loading ...GDX and GLD Update
Both GDX and GLD are moving up in Wave 2’s. Remember 5 waves up for the ‘a’, 3-wave corrective down for the ‘b’, and 5 waves up for the ‘c’ . Both stocks appear to be in a iv of ‘a’ right now.
Trigger line crosses to the upside on JDST 2HR. I’m looking for at least a retest of the previous high per the EWO. With the trend change in the Dollar, I’m not so Bullish on JDST.
Trigger line crosses now on NUGT 2HR to the downside. I’m watching NUGT now for a buy signal. That will be validation to get out of my shorts.
This is when to watch the indicators. EW gives us a roadmap. The indicators tell us what is really happening and when to trade.
this is very helpful–the idea of having a road map ahead of time and then using the indicators to know when “the time” has arrived for action..if you’re not bullish on JDST then I’m not either….I’ll just keep checking in and see if that changes…thank you
thanks for posts trek trader
here is my dollar chart.. this is confirmed slope on the short term…. “if” it can break the green line its on now.. and then backtest where it would act as support it would indicated higher (backtest may not happen.. but would help confirm…. another possibility.. if it would reject the line itsw on now and head lower.. but gain support on the lower green line.. it might suggest a break of the upper green line due to a higher floor… the stepping up in the down channel in general suggest we might be going higher at some point… also note the backtest and support from the main channel before it broke up….this is sort of a bullish chart in disquise
http://charts.dacharts.net/2015-06-09/d1a938.png
really appreciate your posts;
Remember my timeframe for trading is the 2HR charts. When GDX reaches it’s wave 2 target that might be a good time to reenter shorts BUT we need to see what the market and dollar are doing at that point. The reversal in the dollar yesterday threw a wrench in my thinking. Also, if we get buy signals on the GDX Weekly I will turn Bullish on the sector.
I fold…I’m buying JDST again…the signals look bearish for GDX right now..and Newmont down 5% seems very bearish