Took a bit longer than expected, as GDX traded sideways just above the gap support nearly all day yesterday, but my 16.00ish bounce target has now been hit. I placed a trailing stop just below 43 on NUGT (comparable to 16 on GDX, to allow for more upside, should the miners want to backfill the Wed/Thrusday gap (blue arrows).
GDX 5 minute Oct 22nd
Note: I just heard the “ping” which tells me that my stop-loss order for NUGT will filled right as I was about to send this post off. GDX may still want to backfill that gap although I have no intention of buying back NUGT as I’m still debating adding back DUST for the final leg down to my swing target. This NUGT trade was just a quick, counter-trend bounce trade and not an official trade idea. Hence, this post is categorized under the Active Short Trades using the symbol tags GDX & DUST as it is also an update on that trade simply to share my thoughts as to the where the miners might be headed in the very near-term.