Loading ...GDX A Closer Look
GDX 2HR Chart: Currently in a wave (iv) up
GDX 15Min Chart gives a closer look at price action:
More downside, possibly to 78% retracement, then up in 5 waves to finish off the (C). Wolf Wave target shown on 2HR maybe all we get “IF” we get that far… Would not be surprised if this turns into some kind of flat before heading down to finish the (v) of 3 shown on the 2HR chart… I think the bigger FOUR is yet to come and that’s when 1130 Gold may be seen… This is just a guide anyway, I trade the indicators and EWO (EWO is nicely tracking with the wave count!!)…
Trek – On GDXJ I’m seeing things similar to you. The Wolfe Wave and fib fit relate nicely here based on my interpretation. I’m looking for GDXJ to get hit hard down to 16.93 which would set up my entry for a run back to 22. This would likely correspond to a move back to 1130 gold. I plan on trading it via JNUG which would be entered probably between 5 and 6 with a target at 14. At current levels I feel it’s dangerous to be holding PM positions short or long as this could move big either way from here. I will wait for a better risk/reward level like I’ve outlined above.
http://schrts.co/nocrBA
Talk about a market with no direction… whipsaws back and forth since the open… I hate wave 4’s (even though it is an FOMC day)….
Mark… if this minuette iv goes no higher from here then we have a target of 13.48 to finish the (B) down… The 78% retrace would be around 13.52…