miners and gold made quite massive moves down. after breaking the assumed trend line from the december lows we must find a different pattern to explain the recent moves. my best explanation now is that we are about to complete an abc correction(now-august) before the last leg down(aug-dec). this would also coincide with the seasonality in gold---up from now till august, then down till december...
Kommentar
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after several intraday reversals in gdx(j) we could have reached the bottom for now...
Kommentar
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i did expect last week to be a litte more bullish- in fact we are down a litte so watch out, this might go down quite a bit...
after all the surprisingly bullish fed actions i start loosing my bullish stance on gold and the miners...
i know believe we see some minor bounces, or sideways action over the summer
but in general we continue to go down till about december..
oltn
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do you know what will be the influence of the rebalance of gdxj in june on the stock?
adibiz
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on 5/10 gdxj was up..hope it continues the direction
pmcllc
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what's the TP before the next leg down..
mjk123
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@pmcllc, i'd say a little above the last swing top (that would be 43-44range for gdxj; gdx a little higher because of the different pattern (27...)
i know believe we see some minor bounces, or sideways action over the summer
but in general we continue to go down till about december..