GDX update
Going to attempt to show how I use 4 hour cycles and daily cycles to trade. They go by length, 4 hour cycles are typically 7 days, and daily cycles are typically 2 and a half months for GDX.
The blue arrows show the 4 hour cycle lows, the green shows the daily cycle lows. On the 4 hour cycle, we are only on day 4, and we have already failed, so my thinking is we still have more downside the rest of the week. The second image is where it gets a bit challenging for longs. The green arrows show the daily cycle lows in this yearly cycle, we are still only a month and a half in to a 2 and a half month cycle, and it has already failed. So we likely have another failed 4 hour cycle after this one. This would imply 10 down days to go, with likely a day or two bounce somewhere in there.
I usually use fibs for targets, but the sizeable gap I outlined in red is my target to be closed. I am not sure I will trade this to the downside now, made some money shorting silver already, and I think i will wait and see how it moves further to the downside.
This could be wrong, as we are heavily oversold, but cycles are definitely showing more downside to go. USD was oversold 2 weeks ago when I highlighted mid 107’s as the conservative upwards target, and we are almost there now. Caution is advised.
November could be a great time to buy though! Either at extremely oversold lows, or missing out a bit on the early rally out if we are closer to the bottom than I think.
Damn, i missed placed the most left green arrow on the first image. It should be on the very late May low, which is where it is on the right chart.
Excellent tutorial Gus .
You are a true student of the market
Please keep posting. This on got lost on a busy evening following Speakergaetz
Thanks Fully, appreciate it! Next couple weeks are going to be very interesting for markets either way!