I am doing a “Graddhy” 🙂 The breach of the long term trend line is a MAJOR break out. GDX, displaying her strong momentum, did not even attempt to build another bull pennant or flag much less an IHS right shoulder. I would not even think of entering a DUST trade at this juncture… We “MIGHT” get a backtest of the long term trend line at roughly $27.75? However, GDX has clearly shown tremendous momentum breaching the above mentioned trend line so quick…Up, up, and away!
FYI–the TRIX breached her trend line. Look what happened the last time the TRIX breached her trend line. GDX is about to embark on her second major leg up in swift order!
GDX