Loading ...PM stocks are just now heading for the 1st daily cycle low
Price has moved below the daily trend line and has just broken below the 10 day moving average. It is what we have been looking for to establish the first cycle low. Now hopefully the closing price will still be where we need it for the monthly close.
GDX is in the beginning of its yearly cycle and just started it’s intermediate (weekly) cycle. We are still in the 1st daily cycle of 3 or 4 daily cycles. This first cycle is VERY right translated so it will find it’s low very soon. Then the 2nd daily cycle (usually the strongest cycle during an uptrend) will likely be explosive. So now is the time to “Sit tight….. and be right”
You cycle guys… hard to follow… soo much trust in time… sometimes markets (composed of humans) need more time.. and some times less time… to crunch the actual value of an instrument. Either case, I need to deep dive some more your universe! Soo much more to learn. Ahh. yes… got side tracked. The close is ugly.. but good. We have a monthly defined breakout confirmed. 1.75$ above the neckline is good for me. That should now serve as support when we go test it.
I have it just below the neckline as Patrick