Loading ...GDX 15Min Chart Update
Still bullish… this morning with the Gap down I counted a solid five waves down on the minute chart and with the strength in Gold, it looked ready to rock…. Note that on the 15 min chart we clearly show four waves with iv ending at 13.82 and are now working on the v down… Two points to watch now… the possible formation of a Wolf Wave if we break down below the blue line OR we currently have a FAILED 3-Push Down pattern and will resume up from here….
as I just posted below, the risk/reward is way better towards the close today for a little GDX bounce tomorrow than it was at yesterday’s close. I’m bagging my JDST gains before the close today and will look for a better JDST re-entry. I’m not trying to play the GDX long bounce at this point. Resistance still is control on gold and the GDX/GDXJ and I don’t like swimming upstream 😉
Trigger line crosses now on the Dollar signals down… For Gold I was looking for low around 1085 this morning, then up to complete the (iv)… I think we’ll still get this… 15 minute charts are hard to trade but for GDX the EWO has now achieved price divergence and we now have trigger line crosses to the upside… On NUGT 2HR chart we need more time. Although this long consolidation favors the downside if we do go below 3.06 the previous low, it seals the deal and we go up… EWO is to high now…. Note that we have already achieved price divergence with with EWO, so we don’t have to have a lower low….
Dollar is rolling over with volume as I type… JDST should follow down…..