Upon further review of the charts, I’ve decided to add a second official target, T2 at 13.87 (GDX), to the DUST long/GDX short trade. As the odds for a reaction off the 14.25 support level are still fairly high, short-term traders might opt to book partial or full profits at T1 (14.27) while those holding out for the new second target might consider lowering stops to yesterday’s entry, or lower, as/if GDX approaches the 14.25 area. This updated 15-minute (prices as of yesterday’s close) reflects the updated price targets. As of 7:24am ET, GDX is current trading down at 14.40 in pre-market, which would bring prices to the bottom of the rising wedge pattern, should it open around current levels.
GDX Feb 1st close