potential 1hr bull flag c wave up to 2040-2050?looking on the 1hr and doing an elliott wave count, I see one more possible retest to 2040 from the bull flag c wave up
both bull and bear. I would look to reshort from this point
GDXJ
Time for the Juniors to Shine AgainHere we have an extremely similar setup to late 2015, right before the junior miners went on an epic tear. Note the divergence in the dynamic RSI oscillator, and how similar the action now is to 2015. The ratio also just broke out against the S&P.
Are you loaded up for this run??
GDX LONG, MASSIVE MONTHLY BULL FLAG = Target $58.40This is a MASSIVE Monthly BULL FLAG (Blue). After breaking down this massive trend channel GDX has recovered and is now breaking back into the huge UPTREND Price channel while MACD is remaining above ZERO.
I realize the month is not over yet but when you are struggling to find places to put your money when the stock market is retracing this would be my next trade. Also with the Gold chart looking better each day and that GLD Trade I posted going so well this would be the place to add to that exposure with more upside potential.
Long at OPEN tomorrow.
Target = height of the flag pole putting us at $58.40
MASSIVE gains to be had in resource producers next 10+ years!!!Here you can see the ratio of XAU (an index of 30 precious metal mining companies) to the S&P 500 compared to the yield on the US 10 year treasury (orange line). As you can see, we have been in a falling rate environment ever since Volcker jacked up rates in the early 80s and put a floor under the value of the Dollar. XAU/SPX has followed the treasury yields down with strong correlation.
Currently, treasury yields have no where to go but up, and the reversal has already started as you can see by the latest action. XAU/SPX has been consolidating since it bottomed in 2015, building energy for a massive breakout that will dwarf the last precious metals bull market (2000-2011). With rate hikes around the corner, weakening economic data, and suffocating levels of global debt, I know which bucket I would rather put my money and patience in.
GDXJ Options Flow & Technical TradingIn this update we review the price action and options flow dynamics and identify the next high probability trading opportunity and the price objectives to target.
GET OUT OF GOLD MINERS!!!Very negative pattern and a bearish cross is forming. I think there's go to be a final flush back to pre covid levels along with the stock market. The whole stock market is going to get flush out IMO.
GDXJ The LONG caseWe are still at the early stages of a long term bull market
LONG now between 50 and 44 it's a good call long term and still get 200% and counting.
A drop in gold and the miners is still possible. Falling below 43 opens the doors below. Then a retest off the blue line makes sense.
LONG between 36 and 30.
Now if it falls further below it, be ready to empty your wallets and pick up at bargain price. It will rebound because we are in a long term bull market. These dips should be heavily bought. If it falls below 30 we are in luck, but short term pain.
The 200 weekly MA will be around 40
Weekly and daily MACD & RSI will be low.
Currently trading below 200 daily MA
GL & happy trading
Gold to S&P 500 Ratio Reversal Imminent!The chart says it all. "Don't fight the Fed" works both ways. They are currently wrapping up the biggest QE, have multiple rate hikes planned for the year, and have even talked about reducing their balance sheet, which is QE in REVERSE!!!
The over-valued stock market will falter, and the Fed will have to choose between rescuing the stock market or the value of the Dollar.
Either scenario is bullish for gold. Expect gold to start it's next leg higher later this year.
Good luck!
Gold is cheap versus Miner ETFsGold and Silver mining equities remain very cheap relative to gold.
Using historical prices and disregarding dilution, the upside of miners to current gold prices is
GDX: 96%
SILJ: 132%
GDXJ: 260%
Closed: GDXJ January 21st 36/46 Short Strangle... for a .56 debit.
Comments: Filled this for a 1.12 credit (See Post Below). Out today via good until cancelled order to take profit at 50% max with 29 days to go. .56 ($56) profit; 13.6% ROC as a function of buying power effect.
Opening (Margin): GDXJ January 21st 36/46 Short Strangle... for a 1.12 credit.
Comments: One of the only underlyings at the top of my high implied exchange-traded funds list that I'm not already in with 30-day at 39.3%.
Selling 18 delta-ish premium on both sides. 1.12 on buying power effect of 4.13 (on margin); 27.1% ROC at max; 13.6% at 50% max.
Will look to take profit at 50% max; manage sides on approaching worthless/side test.
GDXJ wish you a Happy New BearNothing has changed. Just a rush in Gold and the hope of the beginning of a new bull market.
Bear will be awake this winter in the gold - miners sector.
Target for miners, within the trend: 32$
Gold 1550$
Timing: February March 2022.
GDXJ LONG! Gold Miners bouncing off support. Entry = $43.55.Entered at GREAT price right up against Major Support. Usually I post pics with MACD. Today I am not. Showing this chart as prime example of how Price Action dictates trade. Only using a simple system of Trend Lines and Horizontal support and resistance lines and some observation of candle patterns and you have all you need to trade. Another trade BUY signal will be once we break above the recent high of Oct 25, 2021 @ $45.75.
Entry = $43.55
SL = $41.89
Target Price = $54.86
R = 6.81
All that glitters is not GOLD or is it? We shall soon find outGold is making its way up to test the DTL that has been in place since the highs formed in August last year. Additionally there is massive horizontal resistance at the $1830 level. A convincing break and close above $1830 will set the yellow metal on fire! Keep an eye for the break!
Closed: GDXJ December 17th 40/49 Short Strangle... for a .63 debit.
Comments: In for a 1.26 credit, (See Post Below), out for a .63 debit today via an order to take profit at 50% max. .63/$63 profit with 18 days to go.
GDXJ crossroadTwo possibilities.
next week down almost for sure. And the 3th of November, again Fed meeting, with noise in the market.
How the fall comes, could show the mid term future in gold and gdxj.
Something between 40$-42$ I expect as almost sure.
And what cames afterwards is to be seen.
Could see another leg up, surprising everybody as November is always a week month for gold and the main trend has been bearish since June
or not...
And the bearish trend in gold remains powerfull and miners go down and down, what i was expecting to happen, but didn´t
Short term: bearish (next week)
Long term: Bearish (Months to come)
but caution for another leg up continuation in November as possible.
𝗚𝗼𝗹𝗱 𝗨𝗽𝗱𝗮𝘁𝗲: $GC_F Daily. Breakout ... Backtest?After a long period of consolidation has broken out. Should run to at least ~1960. Potential for a pullback to backest before doing so
$GLD $GDX $GDXJ $SLV $SI_F $DXY $TNX $TLT
Opening (Margin): GDXJ December 17th 40/49 Short Strangle... for a 1.26 credit.
Comments: The only exchange-traded fund with 30-day implied >35% which I currently don't have a position in. ROC of 26.3% as a function of buying power effect; 13.0% at 50% max.
GDX looking for higher lowGDX have been so beaten for so long, and every previous attempt was not ready for that consolidation nor higher low. After a recent and decent break above the 55EMA, the Gold miners GDX ETF is retracing hard (as expected) and is now looking for a higher low, in about a week or two.
And with that, then we know the next run would be more robust.
USAS SPELLS YES..well at least to me it does. This is weekly chart on USAS but wow.. this looks like a deal. I believe we'll see this one over $11.00 in a few years. I believe this to be a very good value.
Gold's Tug of War with Interest Rates Hike on MinersA pattern has emerged since June which if continue would be a quick dead cat bounce to 58-60, and then follow downwards to 45 slower.
drop is in sightTarget at 36-37$
in comming months, if we dont get there in the next two weeks. Gold Market is very bear
gold fast move down and so do miners.We could see a continuation to the downside from here to 1620 area by the end of September, beginning October.
That would take GDXJ to 34$ or so and GDX to 28$
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