Loading ...GDX testing it’s Breakout
I have GDX on day 26 and deep in its timing band to find a Trading Cycle Low here. I can’t say how bullish the bounce will be but we are due for one. My first chart shows we are at the 62% Fib retrace out of the move up from the Late May IC Low and also testing my green line. My second, Weekly chart shows two long term down trend resistance lines. Will these now provide support?
Time and Price have arrived at a very interesting spot near the 30ema on the weekly where support should start to firm up if we are still in a Bull Market here.
Surf,
What is the criteria for basing the Fibs off of the rally segment starting in June? What is your view on the validity of regarding this correction as “the big one” and fully encompassing the entire move off the lows.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=8&dy=0&id=p21110936743&a=475058639&listNum=99
This would move the txt retrace all the way down to 20-25
I have Late May as the last 5-6 Month Intermediate Cycle (IC) low for Gold and the Miners. That said, I am just looking for a bounce here as we are late in the timing band for both Gold and the Miners to find a short term TC Low. Again, not sure how bullish the bounce will be but I am expecting the next IC Low in the Oct time frame after gold bounces and rolls over again.
I am in the GDX 22-24 camp as being the ultimate low on this move. That would fit multiple models.
Excellent charts Surf
I like to use the ema Fib 144 days together with the Fib retracement
The GDX ema (F144) comes in around $25
My short & longer term Fibonacci triangulation turn date for gold is 01 Sep so the miners may turn a day earlier.
Gold bounced off the ema (F144) at the ICL in late May
Surf, thanks for the timely analysis, always appreciated! Here is a chart that I see the same conclusion as you, just arrived at by different means. Seeing different analysis that lines up with the same outcome is reassuring.
http://invst.ly/2cbns