Loading ...GDX Cycle Update
Bullish action today in GDX, with a new high on day 15 of this current Trading Cycle. Price has found resistance, however, at an interesting spot for now.
I still show a Bear Flag formation for now but breaking my two red resistance lines will also invalidate the Bear Flag, which would be bullish.
Surf, I agree. I have an a=c into 25.92 . . much over that, and it moves things towards the bulls. But, I just don’t have a solid bottoming pattern, and it concerns me. We will see. The nice thing is we did not take the short set up, and riding our longs up for now. I am waiting for a downside set up to even consider a short for a lower low. Until then, we wait and observe.
Thanks Avi, I appreciate your EW insight here. From a cycles perspective, we should not break my IC downtrend line until a new 5-6 month Intermediate Cycle is confirmed. I believe 25.92 would break my red line. If that happened, I would then expect the next short term Trading Cycle low to be a higher low than early October.
As long as we stay below my IC downtrend line then the next TC Low should be a lower low and also the Yearly Cycle Low.
I would not be shocked by a fake break out.