Adding GDX for a swing position GDX has been trading in this channel been slowly entering swing position
GDX trade ideas
Opening (IRA): GDX Dec 20th 36 Covered Call... for a 35.29 debit.
Comments: Selling the -75 delta call against stock to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 35.29/share
Max Profit: .71
ROC at Max: 2.01%
50% Max: .36
ROC at 50% Max: 1.00%
That 1.00% ROC at 50% max is kind of "marginal," but just trying to keep theta on and burning with little stuff that I can add to should I have the opportunity to get in in higher IV/weakness.
GDX Gold miner ETF looking promising right now GDX Gold miner ETF looking promising right now
Similar to other precious metal price action right now
Are Retail all aboard the gold train?When social media is buzzing with Gold fever now that Gold broke through 2700, is a major shakeout needed for the bull to keep running
My Watchlist: GDXGDX, I have a green setup signal(dot Indictor). It has an excellent risk-to-reward ratio(RR:). I'm looking to enter long near the close of the day if the stock can manage to TRADE above the last candle highs(white line). If triggered, I will then place a stop-loss below(red line) and a price target above it(green line).
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Note: The above setups will remain valid until the stock CLOSES BELOW my set stop-loss level.
Elliott Wave View on GDX Favors Pullback Before RallShort Term Elliott Wave View in GDX suggests the zigzag correction should find support towards extreme areas before resume higher to finish the impulse sequence from 5-August, 2024 low. It is showing higher high sequence in daily from September-2022 low and expect short term rally to continue against August-2024 low. Since 5-August, 2024 low, it placed 1 at 39.97 high and 2 correction at 36.22 low as 0.618 Fibonacci retracement. Above 36.22 low, it placed ((i)) of 3 at 36.89 high, ((ii)) at 36.44 low, ((iii)) as extended wave at 40.98 high, ((iv)) at 39.02 low and finally ((v)) as 3 at 42.12 high.
Below 3 high, it favors zigzag correction in 4 against 6-September, 2024 low before resume higher. Below 42.12 high, it favors pullback in ((c)) of 4 started from 40.79 high. It placed ((a)) of 4 at 39.35 low as 5 swing sequence, while placed ((b)) at 40.79 high. Within ((a)), it placed (i) at 41.22 low, (ii) at 41.95 high, (iii) at 39.96 low, (iv) at 40.75 high and (v) as ((a)) at 39.35 high. Below ((b)) high, it placed (i) at 39.12 low and (ii) at 40.19 high. Currently, it favors lower in (iii) and expect short term weakness towards 38.03 or lower levels to finish zigzag before resume higher in 5 as possible diagonal from August-2024 low.
Opening (IRA): GDX Oct 18th 32/37/37/42 Iron Fly... for a 2.66 credit.
Comments: High IVR/High IV (59.8/35.2). Some more "little stuff" in that 45 DTE wheelhouse while I wait for other things to come in or require management.
Metrics:
Max Profit: 2.66
Buying Power Effect: 2.34
ROC at Max: 113.68%
25% Max: .67
ROC at 25% Max: 25.19%
Elliott Wave View on Gold Miners ETF (GDX) Expects Continuation Short term Elliott Wave view on Gold Miners ETF (GDX) suggests that decline to 33.86 ended wave (4). The ETF has turned higher in wave (5). Internal subdivision of wave (5) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave (4), wave ((i)) ended at 36.25 and dips in wave ((ii)) ended at 34.54. The Index extended higher in wave ((iii)) towards 38.08 and pullback in wave ((iv)) ended at 36.56. Final leg wave ((v)) ended at 39.97 which completed wave 1 in higher degree.
The ETF then pullback in wave 2 with internal subdivision as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 38.54 and wave ((b)) rally ended at 39.77.Down from wave ((b)), wave (i) ended at 38.04 and wave (ii) ended at 39.15. Wave (iii) lower ended at 36.7 and wave (iv) ended at 37.83. Wave (v) lower ended at 36.22 which completed wave ((c)) of 2 in higher degree. The ETF has turned higher in wave 3. Up from wave 2, wave (i) ended at 37.48 and wave (ii) pullback ended at 36.49. Near term, as far as pivot at 33.86 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing for further upside.
$GDX Bull Flag Daily Chart AMEX:GDX Bull Flag Daily Chart
📊 AMEX:GDX is showing a Bull Flag on the daily chart—a classic pattern that could signal continuation to the upside. Keep an eye on potential breakout levels! 🚀
#GDX #Gold #BullFlag #TechnicalAnalysis #Investing #Finance #MarketTrends
Gold Miners versus Uranium MinersYep, #gold #miners are setting up for a very impressive move to outperform #uranium #miners.
But don't trust me, just look at the chart below!
Elliott Wave Intraday Analysis Looking for GDX to Extend HigherRally from 9.26.2022 low in AMEX:GDX is currently in progress as a 5 waves diagonal. Up from 9.26.2022 low, wave (1) ended at 36.26 and pullback in wave (2) ended at 25.62. The ETF then extended higher in wave (3) towards 39.4 and pullback in wave (4) ended at 33.85 as the 1 hour chart below shows. Internal subdivision of wave (4) unfolded as a double three Elliott Wave structure. Down from wave (3), wave W ended at 35.9 and wave X ended at 38.22. Wave Y lower ended at 33.85 which completed wave (4) in higher degree.
The ETF then turns higher again in wave (5). Up from wave (4), wave ((i)) ended at 36.25 and wave ((ii)) pullback ended at 34.54. Wave ((iii)) higher ended at 38.08 and pullback in wave ((iv)) ended at 36.56. Expect wave ((v)) to complete soon which should also end wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 8.5.2024 low in 3, 7, or 11 swing before the ETF resumes higher again. Near term, expect pullback to find support in 3, 7, 11 swing against 33.85 for further upside.
GDX, Gold Miners upmoveAs mentioned in my other post, Gold Miners are going to outperform Gold Spot prices as we move ahead. Expect target range is between 60-65 by end of year.
This is not a financial advise, please follow proper risk management.
If you like the idea, kindly like and share. :)
Gold will underperform over the next 30+ daysDon't think there's good value in precious metals, right now. It'll likely under perform against oil and indices over the next 30 days. In all likelihood, investor are rotating out of the gold position and will continue to do so in the coming weeks. A better choice would be oil than precious metals.
Elliott Wave Expects Gold Miners ETF (GDX) to Continue RallyShort Term Elliott Wave View in Gold Miners Junior (GDX) shows that cycle from 10.4.2023 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 10.4.2023 low, wave 1 ended at 32.35 and pullback in wave 2 ended at 25.67. Wave 3 higher ended at 37.47 and dips in wave 4 ended at 32.83 like the 1 hour chart below shows. The ETF has turned higher in wave 5 with internal subdivision as another impulse in lesser degree.
Up from wave 4, wave i ended at 33.35 and wave ii ended at 32.98. Wave iii higher ended at 34.79 and pullback in wave iv ended at 34.35. Final wave v higher ended at 34.83 which completed wave (i) in higher degree. Wave (ii) dips unfolded as a zigzag Elliott Wave structure. Down from wave (ii), wave a ended at 33.8 and wave b ended at 34.58. Wave c lower ended at 33.28 which completed wave (ii). The ETF has rallied higher again. Up from wave (ii), wave i ended at 34.63 and wave ii ended at 33.65.
Wave iii higher ended at 36.53, and dips in wave iv ended at 35.51. Expect wave v to end soon which should complete wave (iii). Afterwards, it should pullback in wave (iv) to correct cycle from 6.26.2024 low before it resumes higher again. Near term, as far as pivot at 32.83 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
Miners need more consolidation before taking off from wedgeI don't think it's quite their time yet, I see a fall, a month of meandering, before launching and hitting my green target.
GDX (GoldMiners) vs SPX looks set to RIP higher in coming monthsChart of GDX (precious metals miners) vs SPY (SP500).
Looks to me like we are prepping to RIP higher in coming months.
Be ready.
Stay long GDX gold minersSimilar to the patterns playing out elsewhere, the "inflation trade" is still supportive of hard assets (and miners). GDX has had a nice pullback into 38% and move ave support. I've been long for quite a long time but those looking to get some exposure can use this as an opportunity.
Long 34, Stop 32, Trgt 40
Return/Risk = 3:1
GDX break out Have been tracking Gold and the Gold miners ETF GDX... It has been a while and it appears that Gold and GDX are at least in sync again.
GDX appears to have closed the week above the long term range and just broke out, if not about to...
MACD and VolDiv have not yet crossed over but indications show. The TD Setup is still showing primary bullish and a new Setup is forming, with a target to close above 36.26 within the next two months.
Where the market maybe going and my positions Looks to me the market is stalling up here. Vol not good and with high rates bad for tech
staying short TNA Long SQQQ Long GDX
GOLD MINERS GDX - 4 Years of pain?A inverse #HVF appears to be in progress on the #GDX
@TheCryptoSniper
Coincides with a probability that gold has put in a major secular top being pushed down by positive real rate environment.
Elliott Wave Intraday Analysis on GDX: Further Rally ExpectedShort Term Elliott Wave View on GDX suggests that rally to 35.74 ended wave 3 on April 12, 2024. From there, the ETF pullback as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 33.44 and wave (b) ended at 34.35. Wave (c) lower ended at 32.43 which completed wave ((w)). The ETF then rallied in wave ((x)) as as a double three structure in lesser degree. Up from wave ((w)), wave (w) ended at 33.95 and wave (x) ended at 33.11. Wave (y) higher ended at 34.31 which completed wave ((x)).
The ETF then extended lower in wave ((y)) as a zigzag Elliott Wave structure. Down from wave ((x)), wave (a) ended at 32.78 and wave (b) ended at 33.60. Wave (c) lower ended at 31.90 which completed wave ((y)) of 4. The ETF has turned higher in wave 5. Up from wave 4, wave i ended at 33.3 and wave ii ended at 32.79. Wave iii higher ended at 34.95 and pullback in wave iv ended at 34.07. Expect the ETF to extend higher in wave v to complete wave (i). Afterwards, it should pullback in wave (ii) to correct cycle from 4.23.2024 low before it resumes higher. Near term, as far as pivot at 31.9 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
