Great video with great analysis, as always.
Thanks GIR. Still too early to rule out further selling but I do believe the R/R for going long here with stops not too far below the lows offers a very nice R/R. If that doesn’t prove to be the case, I won’t go back to a net short position until the next objective entry, which I believe is about another 4% lower. Shorting now or staying aggressively short now is extremely risky as a reversal is likely to be very sharp & swift once it comes & could quite possibly kick-off as a large gap up that catches many off-guard, not providing the existing shorts or wanna-be longs and objective entry. Thanks for the feeback & best of luck on your trades.
[…] on impulsive selling last week. Should GDX remain above this level & move higher next week, the bear-trap/wash-out scenario discussed in the Jan 20th video will be in play, sharply increasing the odds of a powerful rally in the miners in the coming […]
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