Update to earlier ideas. GDX hit the 161.8% extension in the presumed wave iii of (iii) of 3. This morning's weakness looks like a wave iv of (iii) pullback - and may not be complete quite yet. Below the red line and "Support" region I'm clearly wrong on the wave degree and will update the bigger picture. I expect pullbacks will continue to be brief and shallow throughout the 3rd wave.
Yorumlar
nick.holland78
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GDX has broken below upper support. Below 27.70 I'll be real concerned for the immediate continuation of wave 3. Need be get back over resistance to convince me this mini-crash was the end of wave-c in iv.
nick.holland78
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30.43 is the pre-market high this morning. Taking out 20.43/.45 with gusto suggests wave iv is done and (iii) of 3 is underway. I've lowered my red line a bit, allowing for a deeper correction in price. Below the 61.8% extension I'll elaborate on alternatives. On larger timeframes this correction is still quite shallow in the big picture. Just eating up option premium. Sorry my annotations are a bit cluttered, but this is what I'm watching for those interested.
Jv200909.
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Perfect! Thank you!
Jv200909.
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Beautiful gdx chart. Target for v on your chart at 27.90 and we bottomed 27.80.
Jv200909.
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Nick, what is that red arrow indicates? Does it indicate a break of purple trend line gdx will go to the red support or even into the bolded white letters Support area?
nick.holland78
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Indicates a break of support. I suspect we're in a 4th wave consolidation of some degree. Looks like a correction in TIME versus a correction in PRICE. I'll update again when resistance gets taken out in an impulsive fashion, or if support breaks. I'm holding positions firm...for now.
Jv200909.
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Low volume selling, purple trend line not broken.
nick.holland78
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GDXJ is in a very similar situation, and I may be off by a degree on labeling the sub-waves. Could also be targeting the lower portion of indicated support which MAY be the 4th wave region in one lesser degree.
nick.holland78
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Possible to see a lower iv here, right at the bottom of indicated support.
nick.holland78
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BTW, the 4th wave of one lesser degree is a common target here. See the green (4)? Doesn't have to go this low, and IF the pattern in indeed as bullish as I've indicated I don't expect price to hang around there long, if even during RTH.