Loading ...GDX-15 update
Same chart as presented before – only made PURPLE WEDGE thick lines.
GDX crept all the way up in the PURPLE APEX (Ai@work!). Although many expected a BO-UP, it proved to be a BEARISH Ascending WEDGE. GDX (15 min) BO-DOWN the WEDGE back into the ORANGE BEAR FLAG which others tend to see as a FLAG eg. Continuous (UP) Pattern. A possible little plunge (on this 15 min) is not out of the expectations as 31.25-30.75 is a little Air Pocket and if so, consider Fully’s 30 to function as a magnet. Expect GDX to tag / BT (at least) 30.
In short: the GDX-BULL has not been able to Push through and set a BO-UP the APEX. Therefore the BEAR has a window to break the BULL but not until BO-Down on 30 (HOR-SUP) followed by a BO-Down the lower orange line of either still a FLAG or to prove to be an ORANGE BEAR FLAG.
IMO. DYODD.
Hard to dispute.
Martin Armstrong says gold now is just a retest of support before a breakout.
Agree with Armstrong
Hard to dispute Armstrong (which I am not).
I have to give you credit for understanding precisely what MA says.
Having followed him VERY CLOSELY for 20 years (from his type written while in prison notes), I still cannot make out what he says on his technical work.
If I understand your note NG, you are now cautiously bearish GDX etc, waiting for more evidence of a breakdown.
If that’s correct, I’m with you.
And that’s also my take on the broad markets.
The wavers I follow most closely have called the top (out of wedge), headed for new lows.
The one who won’t be named is looking for just a bullish correction (wave 2), in line with Zeberg I imagine. I’m “sympathetic” to that view. But hoping for the bear like the drop out the triangle B wave that I noted with a chart previously.
At this juncture, I’m surprised to see no confirmed buy signals for most of my short and hold candidates. ZSL is in the lead here as a trading short.
Most critically, I have nothing yet for UUP. Bulls and bears alike expect ONLY a retrace move higher (but a large one) at some point soon. Is that what is now being anticipated? That retrace fits the SPX bull wave 2 correction POV, I should add.