GDXJ downside continuation
Updated
This will finish this leg down, and market continues to be weak. Also gold (of course).
So that is what is prudent to do and unless those targets are reached earlier than expected, I will take out my short prosition at that level and wont expect further downside for now.
If that happens, I still think that even if gold and miners move up again, the still could visit the 29 or lover in the near future.
But for me, the point is getting aout of shorts and buying long position at that time and level (end June with GDXJ AT 31,xx)
A collapse (more downside and faster) is also possible. So in case it doesn't happen, that is the most probable target for me to track: 31,XX $ end June.
So that is what is prudent to do and unless those targets are reached earlier than expected, I will take out my short prosition at that level and wont expect further downside for now.
If that happens, I still think that even if gold and miners move up again, the still could visit the 29 or lover in the near future.
But for me, the point is getting aout of shorts and buying long position at that time and level (end June with GDXJ AT 31,xx)
A collapse (more downside and faster) is also possible. So in case it doesn't happen, that is the most probable target for me to track: 31,XX $ end June.
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One last note.There is a chance that GDXJ visits the 29,x this time. And that would be very bullish for the future.
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Gold has not move too much down and miners are in big red....so the drop could be even worse from today till the 28Th-29th. Lets see what happens, and what level is reached by that date
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So this is the scenario i am considering....Gold drops this week to 1740-1750 and GDXJ does the same t the 31$
Gold moves up to 1800-1810 again in the next week, and GDXJ moves again up to 35$-36$
A final move down in gold to 1680 while GDXJ moves down to even as low as 26$ level by the third week of July, Possible before the month ends.
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Gold is still over previous bottom. Not new lows yet, and gdxj is going down and downI will not exit my short position before a new low is seen:1750-1760 the least.
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an eye in the 29,5$ level....lets seeTrade active
Impresive how weak the sector is. Under 32$ and still gold has made no lower lows. And they should fall more (until they don't) in that scenario.A more bearish target it about 22$ by the third week of July.
Means gold goes on for days on a down trend...and that is also something that could happen.
But I think they will rest, move up and finaly a bottom in August is also more probable...So lets see what market does. He is always right
Trade closed: target reached
I close here this idea.Target reached and on time....uhhh¡¡
But I think it will continue lower...lets see
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