Loading ...GDX 2HR EW Update
Looks like my (ii) of C completed today at approximately the 23.6% retrace at 19.23. We should be going down now in 5 waves to (iii) of C at around the 161.8% projection of 16.51. So at least from an EW standpoint we’re heading down but we need to keep an eye on the GDX Weekly Chart.
thanks for your hard work trek trader.. lets hope tommorrow brings a real impulse move to the downside.. that was missing today.
trektrader, i dont know if you have time to do a chart for gdxj.. its got me a little baffled as it seems to be lagging gdxj a lot.. especially if one looks at the daily
The GDX 2HR Chart can almost be overlaid on the GDXJ 2HR Chart. I think if you count the 2HR and peak at the 30 min (either OHLC or Heikin-AShi) when in doubt you’ll be fine. Let me play with it…
your are correct and i have notice there is a correlation.. but when you look at the daily chart.. or weekly.. and compare to hui or gdx… the major pivot lows have not been taken out on gdxj.. hui is almost to bottom of the range now.. just seems wierd.. something is amiss
gdxj needs to tank quick.. and much quiker than hui or gdx … there is divergence between gdx and hui .. its sutle .. but there.
Here is my GDXJ weekly chart that I prepped back in late April. Ive been short via JDST and DUST since late April and plan to stay that way for a while.
http://schrts.co/BJs6WJ
Shortstack I posted the EW for GDXJ. Note that I used OHLC bars… sometimes it makes it easier to count…..
The Daily charts are hard to count… not enough detail…you kinda have to cheat and look at the 2HR and 30Min charts. The Weekly’s I don’t count. No reason to at least for me. The only real reason I pursue this insanity is to try to figure out price projections and to avoid wave 4’s… I like to trade Wave 2’s and 3’s. I try to be cash for Wave 4’s and Wave 5’s I only trade with cleared money…. If I trade a Wave 4, it must be with cleared money and I seldom hold overnite… never more than one nite!!!!
I never buy or sell based on EW, as I have said many times…. I ALWAYS use my indicators!!