Miners - does money flow from Big Caps -> Mid Caps -> Juniors..?A quick & dirty examination of the thesis that money always flows from Big caps -> Mid caps -> Juniors.
GDX trade ideas
GDX should have some deadcat bounce from hereGDX should bounce from here, though the intermediate still ahead
Elliott Wave View: GDX Correction Remains in ProgressElliott Wave view in Gold Miners (GDX) suggests the Index is correcting the cycle from March 16, 2020 low. The correction is unfolding as a double three Elliott Wave Structure. In the 60 minutes chart below, we can see wave (X) of this double three ended at $42.05. The Miners have turned lower in wave (Y).
The internal of wave (Y) is unfolding as a zigzag Elliott Wave structure. Down from wave (X) high at $42.05, wave ((i)) ended at $38.03, and bounce in wave ((ii)) ended at $39.24. Index resumes lower in wave ((iii)) towards $37.52, wave ((iv)) ended at $37.87, and wave ((v)) ended at $36.73. This ended wave A of (Y) in higher degree.
Index then bounced in wave B which ended at $38.42. Internal structure of wave B unfolded as a zigzag where wave ((a)) ended at $38.08, wave ((b)) ended at $37.39, and wave ((c)) ended at $38.42. The Gold Miners have extended lower in wave C. Down from wave B high at $38.42, wave ((i)) ended at $37.83 and wave ((ii)) ended at $38.29. Expect a few more lows in the Index to end wave C of (Y) before GDX finds support. A potential support area is 100% – 123.6% Fibonacci extension from August 5, 2020 high which comes at $31.05 – $33.10.
GDX monthly is clearerObviously, close this month below 36 would be bad ... at least need another month or two to reverse.
Close between 36 and 40 hits buyers are trying to test water and see how much resistance it has. So the chance that December will be higher is ~ 2/3.
Close above 40 in November means buyers are ready to bring it higher, can take some risk in monthly options.
Goldminers swing tradeGold and goldminers set for a rebound to test the top of the regression channel, after the set down following the recent vaccine news.
GDX Biggest Bull Flag in the history of Bull FlagsIt's not a matter of if, it's a matter of when gold breaks out dramatically. Everyone knows that. For my money, GDX looks like the biggest bull flag I've ever seen. But! The US election crazy is not over . We're right in the middle of the flag range. But I could see it going either way. Just like the US election. As of today, I'm leaning 61.8% towards UP and buying accordingly.
GDX - ready to break out ?For now, I am labeling this as 1 - 2 down. In comparison to the $Gold index, GDX held pretty good, retracing only down to %62 area.
Metals have some head wind though, like the rising yield and $dollar. This week is going to be interesting.
GDX : Tentative Signs of LiftoffGDX has broken and closed above its trendline and now needs to either shoot higher or consolidate its position above there before soaring. A break back below the trendline would suggest a fake breakout, but until then, like Gold, the bulls are in charge.
GDX on watchGold has already broken out. I will be watching to see if GDX can follow.
Gold has been very choppy so a rejection at the upper channel line is very possible.
If it breaks, however, we could see a nice bullish move back to highs.
GDX Chart update November 05The impulse wave seems completed after a very nice pullback of the longer term breakout.
Take profits
GDX stop loss 34 ..looking for a target of 50 to 53GDX stop loss 34 ..looking for a target of 50 to 53
Weekly GDX chart showing .Good Flag forming on GDX which bullish. one need to be patient to accumate ETF at support zone 37 to 34.5 and before finally flag break out happens we can expect rally of 13 to 15 points and hence target 50 to 53...
Volatility is confirmed.. I will be adding 10 to 20% of GDX investment at this level..
76.4 % extension support is around 34.52
GDX is going to hit a critical bottomGDX is going to hit a critical bottom in about 1 week or 2. the target for the next multi-month uptrend target is ~55
GDX I'VE BEEN WAITING FOR THIS$nugt $dust $gdxj $jnug $jdst $slv $gld
Renko is not playable in published ideas so I'll update this chart. My last post got little attention and I've been warning people about a sudden drop in gold, silver, miners. We're setting up a new buying opportunity but how low does it go? I would like to see GDX between 28-32. Hold fast.
GDX going down hardA quick note in the anatomy of the Gold Miners breakdown...
Basically,
the USD is ↗️
the SPX / Equities are ↘️
The Gold Price is ↘️
Miners cannot hold out in such scenarios, and technical breakdown mapped as in chart.
