gdx, gdxj gold miners rebound till august
Updated
miners and gold made quite massive moves down.
after breaking the assumed trend line from the december lows we must find a different pattern to explain the recent moves.
my best explanation now is that we are about to complete an abc correction(now-august) before the last leg down(aug-dec).
this would also coincide with the seasonality in gold---up from now till august, then down till december...
after breaking the assumed trend line from the december lows we must find a different pattern to explain the recent moves.
my best explanation now is that we are about to complete an abc correction(now-august) before the last leg down(aug-dec).
this would also coincide with the seasonality in gold---up from now till august, then down till december...
Note
after several intraday reversals in gdx(j) we could have reached the bottom for now...Note
i did expect last week to be a litte more bullish- in fact we are down a litte so watch out, this might go down quite a bit...
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