GDX trade ideas
GDX = Miners strong but?But strength feels somewhat fleeting. Between yesterday and today dow is down 700 points and gold is only up $16 for the two days. GDX has broken out of downtrend. RSI and MACD favorable. Still has some room to run but I will post a chart of GLD and show that it has not broken out of its downtrend yet. Do the miners lead the metal or vice versa. We will see but this just doesn't feel like that break out day to me. Maybe miners run until GLD hits resistance of its downtrend channel.
GDX; Quick Long OpportunityLooking for mid-term BUY on GDX, fullfilling a few criterias
- Supply drying up on the second bottom and notice some DEMAND coming up
- Bullish Engulfing Pattern
- My Trading Indicator signals a buy above 26.52
GDX Breaking OutThe weekly chart for GDX has created a bull flag pattern. The stock is finally breaking out with the market weakness. I am aiming for the $37.30 price level as a potential target but the prior $31.30 level could provide some resistance. Of course, if the market finds strength again then be ready to take your profits on this one quick.
Elliott Wave View: GDX Rally Remains CorrectiveShort term Elliott Wave view on Gold Miners ETF (symbol: GDX) suggests it is now correcting cycle from November 1, 2019 high (28.22) as a double three Elliott Wave structure. Decline from November 1 high (28.22) ended wave A at 25.98 as a 5 waves impulse. Wave ((i)) of A ended at 27.65 and bounce in wave ((ii)) of A ended at 28.05. Index then resumed lower in wave ((iii)) of A towards 26.02 and wave ((iv)) of A ended at 26.43. Finally, wave ((v)) of A ended at 25.98.
Wave B bounce is now in progress as a double three. Up from 25.98, wave ((w)) ended at 27.50 as a zigzag. Wave (a) of ((w)) ended at 27.09, wave (b) of ((w)) ended at 26.44, and wave (c) of ((w)) ended at 27.50. Wave ((x)) pullback ended at 26.14 and wave ((y)) of B is unfolding as another zigzag. Expect the ETF to find support in short term pullback for further upside to end wave ((y)) of B. Expected area for wave ((y)) of B comes at 27.6 – 28 to end cycle from Nov 12 low before the ETF extends the decline or pullback in 3 waves at least.
Sloppy falling wedge and pennant for GDXStill looking bullish for GDX. RSI back above 50, 30/100 MA moving toward crossover... may be a bit early to buy aggressively but the breakout (up) looks to be before EOY.
GDX - Strong Buy - Crossing 10WeekMAGDX buy signal on Daily.
About to cross 10WeekMA for strong bullish continuation. Anytime 10Week is crossed we see bullish confirmation (weeks).
Trend turned bullish on Filter Dots.
Gaps to fill above in the $30's imply over 30% gains from current price. Not sure if we get this high, but bullish trend just starting today/tomorrow.
SPY looking to go down soon. VIXY looking to go up.
Only makes sense that GDX becomes risk on (as confirmed by the moving average proximity to current price).
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
GDX - It's time!GDX has been consolidating for almost three months now and has held FIB support. Feels like the turn is coming. Be patient the market will soon make a leg down and gold will start to rise again. Miners are best place to be!
GDX - Upside breakout coming?It looks that way to me. RSI up trend just about exhausted and MACD has been indecisive for a while. 26 or so seems to be the line in the sand. I remember when it broke out this summer and took out 25.71 which was the prior peak that started the sideways action that lasted for 15 mos. Just seems like the selling is drying up but that may just be wishful thinking. We are close here.
$GDX Gold Miners in bull flag, testing rising channel support. Price should move up from these levels as rising channel support holds and price breaks out of bull flag.
GDX Bullish ScenarioMetals seem to be pushing higher without giving us that one more low. No point in arguing with thre market. If it continues, this is the AMEX:GDX path I see.
GDX - Watching for ReversalSmall position here for me.
Watching for pattern turn right around Christmas.
SPY / SPX pullback during the same period should indicate risk-on for GDX with bullish trend.
Options are cheap and so is stock. Small position size until we see bullish confirmation helps to reduce risk.
I suggest using stop losses. I do not personally because I feel they telegraph my orders to the algo's.
I play the chart, pattern, world events, price, and sentiment. I also use Price Alerts HEAVILY instead of stop losses.
Holla if anyone wants an update for GDX and I will do my best.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY
GDX Ready for Drop into Long ZoneAMEX:GDX
GDX appears to be completing a corrective micro degree triangle. If correct, this would suggest it is soon ready to make its final drop into the target zone. This is a risky play as we are nearing a longer-term bottom, and trying to play down should be treated as a risky move with tight stops in place.
GDX Nearing Buy InAMEX:GDX
GDX is nearing a larger degree wave 4 at the 0.5 retrace of the last move up. This zone also lines up beautifully with multiple levels of strong support. Should it fall a bit further, it will be primed for a large move to the upside. If/when that happens, will be playing NUGT or possibly switching over to GDXJ and JNUG. Due to the lack of a good place to set a micro stop, the entry will have to wait for an initial bounce and retrace. AMEX:GDX
