GDX trade ideas
Elliott Wave View: GDX Ended Correction and Ready to Resume HighElliott Wave view in $GDX suggests that the Gold Miner Index ended cycle from March low in wave ((2)) at 33.16. The Index has turned higher again in wave ((3)) with the internal unfolding as an impulse Elliott Wave structure. Gold Miners still need to break above previous wave ((1)) high on August 5 at 45.78 to avoid a double correction. Up from wave ((2)) low at 33.16, wave ((i)) ended at 34.5 and wave ((ii)) pullback ended at 33.35. Gold Miners then extended higher again in wave ((iii)) towards 36.07, and pullback in wave ((iv)) ended at 35.7. Final leg higher in wave ((v)) ended at 36.4 and this completed wave 1 in higher degree.
The Index then corrected cycle from November 24 low and ended wave 2 at 34.87. Internal of wave 2 unfolded as a double three structure where wave ((w)) ended at 35.23, wave ((x)) ended at 35.81, and wave ((y)) ended at 34.87. Up from wave 2 low, wave ((i)) ended at 36.92. Expect wave ((ii)) pullback to stay above wave 2 at 34.87, but more importantly above 33.16. As far as pivot at 33.16 low stays intact, expect dips to find support in 3, 7, or 11 swing for more upside. Potential short term target higher is 100% – 123.6% Fibonacci extension from November 24 low at 38.09 – 38.86.
GDX - GOLD MINERS ETF- After dipping under the 200 day moving average, buyers have bid the price back up and the share is poised to continue its up trend.
- Stochastics moving off oversold
- Major support area at $31.34
- This zone can continue to be tested and consolidate before making a new leg so i will be scaling into a trade .
- Current fundamentals regarding stimulus / dollar will have a major role to play for the gold price
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
GDX Gold miners: looking for 1 more bounce upIn April I thought GDX looked positive and it turned out to be correct (see link below). I still favor we have one more pop up before a possible major correction. Looks like a bull flag now. I close below the flag would be negative. Process your way, Have a great weekend,
GDX LongAt downtrend channel bottom
Touch Demand Zone
Entry 34
Stop 31
Target 45
I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.
Today, I also long GLD, AUY, GOLD, KGC, MUX, NGD, KL; (FNV, SBSW, GFI pending order, NEM was bought last week, RGLD watch only )
Hard time ahead for GDX and GoldOn the chart we see nice 5 wave move down from 2011 till 2016 followed by 61% running flat correction topped in Aug this year. This probably can give us some clue on whether the following Gold price fall is a short term correction or a beginning of a long term down trend. I would bet the latter.
GDX Short term DowntrendThe Gold miners index is in downtrend on the daily chart in the short term. With the gold prices moved down the decisive 1800 level the GDX broke down the 200 EMA. On the weekly chart the 100 EMA may act as support at the 30 to 31 level if it further breaks down on the daily chart.