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Miners

SA - DailySeabridge bottomed earlier than many miners. So far it topped at the 100% extension (log-scale). That has me concerned as it would normally count as the (3) of P3. I've annotated it as an extended (1) of P3 instead since the retrace is too deep for a 4th wave, imo. That'll extend targets for (3) and P3 beyond normal expectations, but that's not entirely unreasonable for metal-related stocks. What has me concerned is that the 100% extension is also a typical A=C target in a corrective move...see red oval. Getting close to the lower end of retrace support, and may wind up stopping me out.
NYSE:SA
by nick.holland78
PVG - DailyPretium Resources bottomed about two years earlier than many other miners. This should be wave (4) of primary 3, and technically still valid, but I'm skeptical perhaps something else is in play. The move up stopped near the 100% extension of primary 1-2, a typical A=C corrective target. However, its also a typical (3) of 3 target so I gave it the benefit of the doubt. Price has dipped below the 61.8% extension now - where wave (4) should have stopped. Going to put a hard stop at the recent low ~7.77.
PLong
by nick.holland78
Mix signals - GDX WeeklyA lot of bearish signals here, but one could argue that there are some pretty bullish ones too. The obvious bearish pattern is the potential H&S forming. Bellow average volume on the right shoulder is a clear signal as well as the symmetrical candles compared to the left shoulder. It's seriously almost a mirror image. But on the flip side, we have a potential bullish MA cross happening possibly as soon as this week. The MACD is looking like it has started to curl up which is bullish. However it could just be a head fake like what we saw on the week of May 23rd (opposite). RSI level is pretty much at a neutral point and could swing either way. Gold is getting a little top-heavy right now but with the elections on Tuesday, it could keep climbing. Bottom line, we'll know by Wednesday which way GDX is going. I'll be looking at starting a position then...
AMEX:GDX
by xsubtownerx
1
Buy Gold, Not Miners - GDX DailyThere's a lot of flags right now being raised on miners. Even though gold has slowly crept up from its recent fall, miners on the other hand have not correlated with gold which should be seen as a red flag that the correction is not over. Also the nearing of the death cross should be taken seriously. With that being said, my bullish bias is telling me that bottom is probably near. I think we will see another MACD crossover (low) and RSI fall before we start the next bull run. Of course I'm not confident enough to short miners at this point as volatility has started to creep up into the markets as we near the american election, and that means TA can be negated quickly. I will be watching this closely of course. It was fun day trading it today, and that's what I expect most people will be doing leading up to the election.
AMEX:GDX
by xsubtownerx
2