Loading ...One Quiet Day…
…very soon, this is going to launch. The first sign will be an upside breakout from this bullish descending wedge. We currently need to pass through $1290 for that to happen. That is the time to go long. Do we break through the horizontal $1360-$1400 resistance zone on this move ? It’s hard to say, but my feeling is yes, with about 60% confidence (so 40% likely we hit resistance and progress closer to the edge of the bowl).
My feeling is no, it depends if last correction was an intermediate correction or do we still have to finish the 5th wave since the advance of last august. Next advance will tell us.
You might be right, but that would make it the smallest move from such a low %R reading in the last 3 years. The average move from this level is in excess of $150.
Maybe we surpass 1360 level and touch briefly 1400/1420 level (advance of $150), but even then I think GDX will not surpass 26 level. If however last correction was a Wave II correction, then we should reach $1500 level or more.
It’ll be fascinating to watch 🙂