Browse Stacks: Analytics: Elliott Wave: 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
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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