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Miners

Mix signals - GDX WeeklyA lot of bearish signals here, but one could argue that there are some pretty bullish ones too. The obvious bearish pattern is the potential H&S forming. Bellow average volume on the right shoulder is a clear signal as well as the symmetrical candles compared to the left shoulder. It's seriously almost a mirror image. But on the flip side, we have a potential bullish MA cross happening possibly as soon as this week. The MACD is looking like it has started to curl up which is bullish. However it could just be a head fake like what we saw on the week of May 23rd (opposite). RSI level is pretty much at a neutral point and could swing either way. Gold is getting a little top-heavy right now but with the elections on Tuesday, it could keep climbing. Bottom line, we'll know by Wednesday which way GDX is going. I'll be looking at starting a position then...
AMEX:GDX
by xsubtownerx
1
Buy Gold, Not Miners - GDX DailyThere's a lot of flags right now being raised on miners. Even though gold has slowly crept up from its recent fall, miners on the other hand have not correlated with gold which should be seen as a red flag that the correction is not over. Also the nearing of the death cross should be taken seriously. With that being said, my bullish bias is telling me that bottom is probably near. I think we will see another MACD crossover (low) and RSI fall before we start the next bull run. Of course I'm not confident enough to short miners at this point as volatility has started to creep up into the markets as we near the american election, and that means TA can be negated quickly. I will be watching this closely of course. It was fun day trading it today, and that's what I expect most people will be doing leading up to the election.
AMEX:GDX
by xsubtownerx
2
GDX - On the Brink of a Final Move Down?This past week we saw the gold minders rise into a wave iv of C topping at 25, followed by a sideways move that has yet to reveal its direction. This high could represent a nice topping area to make space for a last leg down as a wave v. However, the price movement this week could still see the GDX make a small move up to complete wave iv before resuming the downtrend to complete the larger wave C of 2 correction around the 22-21 range during the first half of November. If the price were to break above 26 before dropping below 24, I will consider the larger wave C of 2 correction already completed and will be looking for a retracement of the rise from the 22.5 low, although it does look like the miners still need one last leg down to shake off some more investors before resuming the bull market.
AMEX:GDX
by Eboard10
2
GDX - Bull Market Soon to ResumeWe are nearing a bottom in the gold miners in the form of a wave 2 of the full wave 1 move up from the January low. The recent price movement on Friday gave us the setup for the final leg down as a v of C which can take the shape of a 5-wave impulsive move down or an ending diagonal. The bottom should be struck between the 50% and 61.8% retracement of the larger impulsive wave 1 high of 31.79, aiming for the 22-20 range. Once the correction is complete, we should then be prepared for the larger degree wave 3 move upwards that will take the GDX to at least 50.
AMEX:GDX
by Eboard10
2
GDXJ - Ending Diagonal In ProcessI'm seeing wave C possibly shaping up as an ending diagonal to complete wave 2 of the larger degree correction. If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower. This would be an excellent opportunity to catch the following impulsive wave 3 up which will very likely take the GDXJ all the way up to 100 and above.
AMEX:GDXJ
by Eboard10
HMY - Correction Nearing an EndHarmony Gold is following the correction seen across the gold miners. I see two similar counts playing out over the next few weeks: Blue count: the whole wave C is an ending diagonal and we are currently in wave iv of the final move down. Red count: an alternative count would see us fall to lower lows beginning of next week to complete wave iii of C and then make one last bounce upwards before the final leg down. Either count would have HMY bottom within a month or so and potentially take us down to the 2.60-2.40 range.
NYSE:HMY
by Eboard10
HUI - Daily (GDX, GDXJ)Miners have been a tough trade lately, especially for bulls like me that had become accustomed to shallow retraces. I'm treating this bounce as a corrective rally unless an impulsive move takes out HUI 286.05 strongly. Targets for yellow waves (3) through (5) will have to wait for confirmed completion of wave (2). White wave 3 of (3) could be expected to reach 463, hold 332 in wave 4 of (3), then stretch to at least 645.75. Remember, the placement of labels are meant to suggest price targets, not timing. Similar patterns are possible on the GDX and GDXJ ETFs as well as a large number of individual mining stocks.
NYSE:HUILong
by nick.holland78
3