Loading ...GDX 2HR Chart Update
(iii) looks to have completed… Trigger line crosses across the board on key indicators… We are now in a Wave 4 UP…. Targets ‘blue’ 38.2%, 50%, and even possibly 62%…. I personally don’t like trading Wave 4’s — my rules — Don’t or if you do only with cleared money (so you can bail at any time)….
Note the EWO… price divergence…. pretty classic right now… this Wave 4 could take days to weeks to finish out….
I think we still have one more surge higher before the corrective 4th wave begins….just my view of the charts…..who knows? :-/
sorry, I meant surge lower for GDX….and surge higher on my DUST/JDST!….ha….
Mark,it’s always possible to call these early. However, trigger line crosses with divergence is always a good indication of uptrend starting. Note that the first move up will be an ‘a’ consisting of 5 waves…. on the one minute chart it looks like we’re in the 4th wave of the 1 of 5 of a…. Look for a 50% pullback for the 2 then up…. However, since this whole move is essentially a larger 4, the structure can get very complicated (triangle, etc.) and can possibly extend over weeks… maybe to September!!!! I hate wave 4’s… been chewed up too many times in the past… PUG (one of my fav EW people) never traded wave 4’s….
I suspect this JDST flag is just consolidation in an uptrend which often leads to continuation of the trend. I’m not seeing the warning signs of a breakdown yet….but will be watching closely. Looks like no break up or down until tomorrow probably.
http://schrts.co/6kWEuD
You might be right… From an EW perspective, I have a target of 13.17 for JDST — 100% measured move of abc formation… I would really like to see it close the gap but that’s probably wishful thinking… we did however get a phantom print on NUGT that closed the gap… it should still be valid… I think the key chart to watch is the dollar… it will determine our fate!!! I count four ways now… need one more down for 5…
Should be interesting tomorrow… SPY Phantom @211.63… JDST down after hours, UUP down after hours, NUGT down after hours….