GDX is close to breaking down below this bearish rising wedge pattern after today’s bearish crossover on the MACD (60-minute frame) which helps to affirm the negative divergence that was highlighted yesterday. My preferred target for the DUST (3x short gold miners etf) is just above the 15.25 area on GDX (16.30 price target on DUST) although I have added two other decent support levels which are likely to cause a reaction on the initial tag from above. As such, active traders might opt to trade around these levels.
Assuming that yesterday’s call for a correction in the miners starts to play out, I may decide to cover any of all of this position as we approach any of the targets on this chart. As always, advanced or concurrent notice will be given should I decide to revise the targets on this trade. Updated 60-minute chart:
GDX 60 minute Oct 16th