long and short GDXFinding divergence on the 1HR chart and the 1Day chart, I like these settings for GDX setups.
GDX trade ideas
$GDX PT 39Wave 3 PT 39 - Calls here super cheap even for time. Should be hitting 39 on this impulse up. About to pullback for a minute 2. All dips are a buy here
Elliott Wave View: GDX Starts New Bullish CycleShort Term Elliott Wave view on GDX suggests cycle from October 4, 2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from October 4 low, wave (1) ended at 33.95 and pullback in wave (2) ended at 30.96. The ETF then extended higher and broke above wave (1), suggesting wave (3) has started. Up from wave (2) low, wave ((i)) ended at 32.69 and pullback in wave ((ii)) ended at 31.65. The ETF then extends higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)) low, wave (i) ended at 33.15 and wave (ii) ended at 32.57. Wave (iii) ended at 34.83, wave (iv) ended at 34.21, and wave (v) of ((iii)) ended at 35.01. Pullback in wave ((iv)) ended at 34.47.
Near term, while dips stay above 30.96, expect the ETF to extend higher in wave ((v)). This move should also end wave 1 in higher degree and complete cycle from November 3 low. Afterwards, GDX should pullback in wave 2 to correct cycle from November 3 low in 3, 7, or 11 swing before the rally resumes. Potential target higher is 100% – 161.8% fibonacci extension from October 4 low towards 36.17 – 39.37. Near term, as far as pivot at 30.96 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
GDX- Reverse head and Shoulder patternGDX - Broke the Lower lows and lower high pattern a month back - Completed corrective wave pattern.
Formed the R H S .
Broke out the RHS
Above VWAP.
Directionally very bullish till resistance zone marked in yellow .
GDX beautiful setupGDX has a lot going for it.
Nice H&S headed to a breakout
Channel breakout
Falling Wedge breakout
Above 33.50 it should trigger the H&S break, and above 34 it will probably get this moving towards 36
GDX Trampoline (within possible inverted H&S)A look at the GDX on the daily, in conjunction with the 15min.
Several things going on here, more detail on chart.
Hopefully this provides some insight(s).
GDX Wedge - SHS - BACA
GDX ETF , Wedge break out, potential SHS Neckline, BACA.
Above 2016 Support Level.
$GDX Beautiful .618 bounce First PT 35I don't normally post Fibonacci's because they cloud up my charts but GDX appears to have made a beautiful bounce off the .618 fib line.
I went long DEC $34 calls, already up +15% but my PT is $35 in the near term.
A lot of bullish option flow for GDX/GOLD in general, I also have IAG shares doing nicely.
Whatever your strategy preference, I think it's a good idea to get long Gold for near term upside.
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.
Will Jerome Powell Bury Gold Miners?The VanEck Gold Miners ETF has had a countertrend rally this month, rebounding from a 17-month low. But now could be the time sellers return.
The first pattern on today’s chart is the $33.25 price zone. GDX bounced at this level in November and July. It marked the high in early September and seems to be resistance again this week.
Next, stochastic has been in an overbought condition. This reading also marked tops in May, August and September.
Third, consider upcoming events like the Federal Reserve meeting and non-farm payrolls next week. Those could potentially boost interest rates and the U.S. dollar, which may be negative for precious metals.
Finally GDX is forming an inside week, a potential sign of its recent bounce slowing. This pattern also occurred at tops in August 2020 and May 2021. (See below.)
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GDX DailyAccording to technical analysis, gold and silver stocks appear to be preparing for medium-term growth.
GDX SHORT SWING TRADE | GDX | SHORT @ 31 - 30 | TP @ 29, 28, 27, 26, 25 | SL @ 33 | PATTERN = DOUBLE BOTTOM BREAKDOWN |
PNF chart on the hourly shows a breakout, DOUBLE BOTTOM BREAKDOWN
The strategies I use involve a mix of PNF and Renko. My type of trading is strictly swing trading.
Speculating PatternIt is clear that Gold has been on a steady bear trend.
From the look of the pattern forming in the daily chart, it appears that the price is raising to form a lower high (purely speculative of course).
I'll need to see some clear lower highs before deciding when a bull trend comes along.
However, over a short period of time, there may be opportunity to catch a bull move.
$gdx should be another leg down GDX Target 2.50
Similar to Silver, gold and gold miners index should be heading Down for the final leg.
GDX Strong Move UpGDX might have finished its correction combined with Gold and Silver and ready to moon.
Target: 45
GOODLUCK!
GDX and probably GXC rising to the occasionThe GDX was in close watch and it is time... Technicals are favourable for a bull run, and so is the broad equity market. Also had broken out of the Buy Zone!
GXC the China ETF is just about ripe based on technicals. Similarly, broad equity market drift should hold in supportm and the immediate gap should be closed for a run up.
$GDX - my gold countHey Guys
Normally when I trade gold its via options on GDX. Someone asked me to look at my take on gold so here it is. We are still looking for a wave 2 bottom and I am seeing us as having finished off wave a of our final wave Y of Wave Y of wave 2. We are in this massive falling wedge structure as well and I am not seeing any RSI divergence on the daily (saw it on hourly frames but that is likely just pointing up for wave b). I think we fail here again at the upper TL around 31 a share again. From there I see the last leg flush heading towards the 61.8 extension & 100 extension zone. That is where wave Y's like to find bottom (although can be 161.8 I am not seeing that here). There is confluence in this area with our 61.8% retracement as well.
My prediction: We will continue to rally until upper TL, from there we flush again and head down to our actual bottom at the 26.50-27.5 zone. That is a good "bottom" buy spot IMO.
How to trade this: just alert on the Upper TL break. No reason to try to call a bottom. Lets get a falling wedge breakout and then grab a position at that point. Buy half on break out and buy half on retest
GDX & GOLD to Collapse?!!Seasonality and series of 1/2s could hit hard with the FOMC today??
Invalidation: 32.61
GOODLUCK!
GDX - !GDX is flirting with an important level that marks the breakout area from last year's massive sell off. Looking left we can see this level has a bit of history. Resistance in the 33-34.50 area is heavy but I think we are headed higher. Sentiment is awful and RSI is telling me something is amiss. If the Fed doesn't accelerate its tapering program gold could catch a bid.
