I think the GDX rally is done too.
All the indicators are showing divergencies in GDX.
It rallied almost to the 2016 highs...
We will get a pinbar ( inverted hammer or shooting star ) on the weekly chart.
The weekly chart's indicators need to tag the oversold territory in this decline.
It might close the gap at 24 -24.56 or might test breakout at 23.67$.
All the indicators are showing divergencies in GDX.
It rallied almost to the 2016 highs...
We will get a pinbar ( inverted hammer or shooting star ) on the weekly chart.
The weekly chart's indicators need to tag the oversold territory in this decline.
It might close the gap at 24 -24.56 or might test breakout at 23.67$.
Note
Broke down the trendline today. If it stays there into the close more selling will come on Monday.Note
After today's big bounce we are closing in the red. Big guys dumped their shares to the small guys. I hope nobody bought the fake rally today.
Trade closed manually
Note
Just in case if it turns out to be a double bottom
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.