Loading ...GDX Update
Retrace now surpasses 100% measured move projected yesterday. Even lower than when I took a snapshot of the chart a few minutes ago!!!! BEWARE…. this bear may have legs!!!
If planning on going long may want to wait for daily to turn first:
Great Stuff today Trek Trader
I will digest it after the close
Thanks
Thanks trek trader , nice charts ,
I’m waiting for the turn !
From a strictly EW perspective we’re still in the game for this uptrend as long as 18.77 isn’t broken to the downside (wave (2) on my GDX daily chart). However Gold has broken 1210 and could fall further to 1200 or 1190. What really worries me right now is that my trend indicators are all turning down (but still within their channels). Consolidation on the minute charts normally means continuation so I expect more downside on NUGT (now watch it go straight up!!). JDST has a 1=5 target of 7.75 unless this minor four gives us some more downside (rule of alternation suggests we move up from here – complex minor 2 means simple fast minor 4)…
SPX moving back up should be good for JDST and bad for NUGT…. We wait….. tight stops
Sorry, JDST should be in a 3 wave corrective up but right now but appears to be in a 5-wave move up. Gaps imply Wave 3’s and if the gap up this morning is a 3 then we have a wave 4 and 5 to complete. The fact that we have exceeded the 100% measured move target for the abc corrective leads me to believe that there is more upside. Again tight stops this could drop fast if I’m wrong.
Of course in EW there are always extensions!!!!
Great stuff, Trektrader.
Bulls calling this a normal “pullback” rofl
look at HUI, GDM, SLW, nothing normal about this on the daily
Lotta longs (as per chat rooms and message boards ) went long gold again at $1206-1210
Will their feelings be hurt again?
James
IMHO
YES !
Until the Bulls flat out quite jumping on any small move up they will continue to get beaten !
If $GDX closes any day this week under $19.48, good night bulls.