Browse Symbol Stacks: GDX: GDX.png

GDX.png

GDX appears to be currently in a large downward channel that started back in November and looks set to begin the third wave up (of a larger five way down pattern). Point-and-figure charts have the high at around $18.30 which is the upper resistance line of my channel. This third leg up appears coincident with a bullish declining wedge that we've noticed developing since about mid-August. Gold miners are looking like a good buy at the moment although I am having trouble putting this proposed climb in the context of the larger market.

Comments

ryans2u - Batting 16.34% in 2014ryans2u - Batting 16.34% in 2014
Facing multiple headwinds... 
 
1) Declining or sideways action in gold. Very long term downtrend continues 
2) Overall market action has been unfavorable for the bulls over the past 8 weeks.  
3) Very strong support area at $13. A break below that would be devastating from a technical perspective, IMO 
 
Good luck. Thanks for sharing. 10/1/15
anjing bauanjing bau
is currently in a large downward channel? it feels like forever 10/1/15