Comments on: GDX Pullback Targets https://rightsideofthechart.com/gdx-pullback-targets/ Stock Trading, Investing & Market Analysis Thu, 09 Mar 2017 02:20:01 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/gdx-pullback-targets/#comment-858 Mon, 08 Feb 2016 18:40:43 +0000 http://rightsideofthechart.com/?p=169698#comment-858 The ensuing correction following a parabolic run is often as sharp as the final leg up in the parabola. Even just a modest 38.2% retracement (from where GDX currently is trading at this new multi-month high) would take it back to the 15.80 level, which is also nice support and a likely pullback target. When the music stops on the gold/GDX rally, the profit taking & shorting is likely to take GDX down to that level (about a 12% drop from current levels) within a few days. That reversal will likely coincide with a bounce in the equity markets, which look to have decent support about 1% below current levels with next support about 4% below that if those first supports don’t hold. We also have AAPL and several other mega-caps at or near support as well with potential for that wash-out scenario discussed in last night’s video so I’m watching the broad market patiently for any signs of a reversal to trigger an rally in stocks & a sell-off in gold/GDX.

]]> By: Mrg5a https://rightsideofthechart.com/gdx-pullback-targets/#comment-857 Mon, 08 Feb 2016 17:20:31 +0000 http://rightsideofthechart.com/?p=169698#comment-857 https://www.tradingview.com/x/EcG8c8Px/

Parabolic action

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