Loading ...Updated GDX Charts Posted Fri
I suspected that we’d gap up today into resistance and that’s what happened. Instead of a dark candle this time with got a hanging man at resistance. I added to my DUST and still held my JDST.
Everyone keeps calling these breakouts. They have all the hallmarks of exhaustion gap sequences.
Still watching GDX 15-min wedge:
GDXJ – exhaustion into resistance with lots of selling last 2 hrs of today.
Thanks Mark for your updates!
Mark-I’ve read your posts with such interest. You’ve made such a compelling case. Tonight’s move looks so convincing that I wonder whether the bull is just about to buck off some of the late arrivals. For me, I’m out as of this morning having ridden this from February. I must admit, however: the move higher this evening makes me a bit worried:)
Thanks…it so hard to exactly nail a top. So far I’m 3 days early building my short position and underwater for 2 days but that could change in a 1-day move like DGAZ did for me today. Very similar price action!
I did nail a top by selling 95% of my oil & gas positions in December on the exact swing high when they hit my targets. That’s pretty rare.
Seconded, and much appreciated.
I seem to remember a similar thing happening in January when a bear trap was set and a bunch of traders fell into it—whereby the miners appeared to be breaking down and then BANG after luring in some bears who were heavily short the breakdown reversed course and was a false move that caught some traders on the wrong side of the trade