$GDX - my gold countHey Guys
Normally when I trade gold its via options on GDX. Someone asked me to look at my take on gold so here it is. We are still looking for a wave 2 bottom and I am seeing us as having finished off wave a of our final wave Y of Wave Y of wave 2. We are in this massive falling wedge structure as well and I am not seeing any RSI divergence on the daily (saw it on hourly frames but that is likely just pointing up for wave b). I think we fail here again at the upper TL around 31 a share again. From there I see the last leg flush heading towards the 61.8 extension & 100 extension zone. That is where wave Y's like to find bottom (although can be 161.8 I am not seeing that here). There is confluence in this area with our 61.8% retracement as well.
My prediction: We will continue to rally until upper TL, from there we flush again and head down to our actual bottom at the 26.50-27.5 zone. That is a good "bottom" buy spot IMO.
How to trade this: just alert on the Upper TL break. No reason to try to call a bottom. Lets get a falling wedge breakout and then grab a position at that point. Buy half on break out and buy half on retest
