View: GDX (Gold Miners ETF ): Follow Up of the Short-Term EWP | The wave...
GDX (Gold Miners ETF ): Follow Up of the Short-Term EWP | The wave...
GDX: FOLLOW UP OF THE SHORT TERM EWP
IT IS A COUNTERTREND REBOUND
Daily momentum indicators have substantially improved: RSI has broken a long term trend line resistance (Next resistance at the 50 line) and we have bullish crosses on both the stochastic and MACD
Despite the improvement of momentum indicators since the current rebound is clearly a countertrend move with a corrective internal structure atm I don´t see a coherent Risk/Reward set up. (+ 2.15 $ if it reaches the 0.618 retracement vs – 2.31 $ March 6 lod)
Maybe if today it retraces at the 10 d ma the R/R would improve with a stop below yesterday´s gap, but I need to see an eod bullish candlestick.
We do have a higher high/low sequence but yesterday it stalled at the 20 d ma (In addition of a gap).
Yesterday´s Doji is suggesting indecision and a probable pullback
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