GDX has been the consolidation king for quite some time. Many big players have been gambling on the options of this fella yet the GDX refused to breakdown/up from the consolidation pattern. FINALLY, this fella broke down and this is just the 1st inning of this potential short which we will enter a short after taking profits. Note
This is expected, quick cover rally after a big drop with huge OI on both sides of the options grid. (Same action would’ve occurred if GDX rallied, then small drop from the profit takers) Very confident on the next leg down.
Note: hedge or leverage with the USD if that’s your style.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.