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Structure is still bullish. I see no reason to start shorting here.
Another view….all bullish structure for both GLD and GDX. No reason to short…..better to buy the dip IMO.
Plus 50MA is morphing into support. Be very careful shorting here….I think this move is stronger than you suspect. Realize what’s different now also….GDX is following the lead of gold now and not the S&P….I think that’s a game changer (hate that phrase btw).
http://schrts.co/s6dgPU
Mark I am getting sell signals on 60 minute NUGT…be very careful. Bet that channel gets violated.
http://stockcharts.com/h-sc/ui?s=NUGT&p=60&yr=0&mn=0&dy=15&id=p40536684764&listNum=1&a=385256974
channel broken
I would not be bullish until this trend line is violated. Also per FGC HUI chart.
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=0&id=p02939208823&a=424046528&listNum=1
and ignore the divergences? Ignore the 50MA has become support (something it couldn’t do in late may or August previously? Ignore the volume? Ignore the intraday bullish structure? I guess what I’m saying is that to my eyes there are a dozen lines of bullish evidence for every 1 line of bearish evidence. We will see. Always good to have a full field of view.