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Bearish Confirmation On GDX, More Downside Likely

Didn't get an island top on GDX today but that was just one of many possibilities. So far today, the most significant development is the confirmation to yesterday's gravestone doji candlestick in the form of a bearish follow-thru stick so far today (with less than an hour to the close). My minimum pullback target at this time is the 15.90-15.80 area (primary downtrend line backtest or the 15.80 horizontal support/38.2% Fibonacci retracement level.

GDX daily Feb 9th

GDX daily Feb 9th

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Feb 9, 2016 3:11pm|Categories: Gold & Commodities|Tags: , |3 Comments

3 Comments

  1. vodeux February 9, 2016 3:51 pm at 3:51 pm

    Does this mean that you will be adding positions Randy? Thanks

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  2. rsotc February 9, 2016 4:06 pm at 4:06 pm

    @vodeux GDX isn’t an official trade. Although I am short personally, I added my 3rd & final lot yesterday with no intention of adding any more. I’m still in the hole by a fair margin but will close (or just closed) by recouping just over a third of my losses today. Holding out for at least the 15.90/80 level & may very well lower stops as/if we approach that level to let the position ride down towards the 15 area. Will also lower stops on either part or the full position depending on how GDX starts trading tomorrow & I’ll be watching the EUR/USD 60-minute chart (the potential bearish rising wedge covered in the video) tonight & before the markets open tomorrow to see if that pullback scenario in the $USD I discussed today will pan out (as that will affect my targets/stops on a GDX pullback trade).

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  3. Shambo February 9, 2016 10:23 pm at 10:23 pm

    nice, thanks Randy.

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