Attached are two charts for discussion. GDX seems to have formed a 3 drive pattern which would put its target at 0.618% fibo retracement. So, not there yet, but soon. The USD seems to be in a BULL FLAG, completion should be soon. So, short GDX now seems the way to go, but not for long.
Kommentar:
Kommentar:
Should be closing your short positions. GOLD looks to be turning. Targets above all getting hit.
Kommentar:
US Dollar blasted thru my target price. GOLD still working its way down to my target.
Kommentar:
Does anyone else see this forming? AB=CD down to $1320 or H&S down to $1304. Both don't look good.
Kommentar:
GOLD hit the first target
Kommentar:
US Dollar hit the 1st target
Kommentar:
Gold has blown thru the 1st target at AB=CD. Id say the H&S fill at $1305 is almost assured.
Kommentar:
GDX $21.70 will be the 88.6% fibo. I look for miners to turn higher before gold. I cant believe GDX will drop to a double bottom.
Kommentar:
GOLD, almost there. Today we close the shorts and watch for signs to go long. Have to make sure the 88.6% doesn't get broken to the low side.
Kommentar:
US Dollar headed for 2nd target, but expect miners to move higher before it reaches there.
