Goldtent TA Paradise

GDX

1. Nautilus says:

   September 30, 2020 - 12:21 pm at 12:21 pm

   As you may recall, I believe the metals and miners bottomed last week. That being said, this first daily cycle out in the new intermediate cycle is going to be lackluster. I expect GDX and GDXJ to possibly break a bit above their 50 dma in October, but I expect that peak will roll over and we will end up fairly close to the last few days price action some time in early November. So this is going to be a very frustrating daily cycle for longs and shorts I suspect.

   All that being said I do expect the September 24 lows to hold so we will end up with a higher low in November (maybe the low comes in late October, but with the election, my guess is it will come close to election night). The next daily cycle I am expecting to be explosive though.

   These are my admittedly bullishly biased expectations. I could be dead wrong and gold makes a lower low, but I am maintaining a full position whatever happens.

2. Noman says:

   September 30, 2020 - 2:53 pm at 2:53 pm

   Are all first daily cycles lackluster in a new IC?

   • Nautilus says:

     October 1, 2020 - 1:27 am at 1:27 am

     Absolutely not. Often times the first daily cycle will break above the previous intermediate cycle high. I’m not expecting that currently. The election is a good excuse for the longer timeframe bollinger bands to tighten up a bit IMO. I’m not sure how high the hui can get this next intermediate cycle. I don’t think 600 would be an outlandish target at all, although I will be happy enough if we can just get to 450.