Comments on: GDX Symmetrical Triangle Breakout Pending

By: rsotc

rsotc — Thu, 29 Oct 2015 18:52:13 +0000

In reply to RickySixx6. Certainly a solid & impulsive breakdown below the triangle pattern on GDX which is/was bearish. Despite that, I can still make the case for a likely top in the $USD as well the intermediate & possibly longer-term bullish case for gold, silver & the miners. Near-term bias is down but I started nibbling as some NUGT yesterday which I'm sitting tight on now but may add to soon GDX has some pretty solid support around the 14.50-14.70ish level so I may add there with a stop not too far below.

By: RickySixx6

RickySixx6 — Thu, 29 Oct 2015 15:23:09 +0000

looks like the “South” plan took place. Dust now showing some strong momentum. Anywhere from 15-17.5 before any significant short term correction. In my opinion, the medium term outlook could mean a GDX at 14 before assessing whether or not we’ll see a decent bounce from there OR potentially new lows, but for now I don’t see how we don’t resist 14-14.5 for GDX. Feel free to agree/disagree or comment either way.

By: rsotc

rsotc — Wed, 28 Oct 2015 14:23:15 +0000

In reply to alicn120. Personally, I'm ignoring any breakouts or breakdowns before & shortly after the FOMC announcement this afternoon. From my experience, breakouts that occur the day or two before an FOMC meeting announcement have a considerably elevated failure rate.(i.e.- whipsaw signals are more the norm than the exception). That's not to say that this breakout can't or won't stick, just be ready for some potentially sharp moves in the miners after 2pm ET today.

By: alicn120

alicn120 — Wed, 28 Oct 2015 13:55:40 +0000

GDX bull flag/ symmetrical triangle breaking out to upside.

By: RickySixx6

RickySixx6 — Tue, 27 Oct 2015 15:27:31 +0000

I should add, the alternative (If things go south) could result in a repeat of GDX price action from where we were at on Feb of 2015. One can make a strong argument that what happened from August of this year up until now is exactly what occurred from Oct 31 2014 up until the end of Feb before things headed south again.

By: RickySixx6

RickySixx6 — Tue, 27 Oct 2015 14:26:17 +0000

This very well could shape up to do what appears to be the most obvious: GDX 16 —> 18 ceiling —> back to 14-16 level [closer to 14 if gold goes to new lows or close to the old ones] and now you have your new higher low.

If GDX hits 18 there’s a very good chance we’ll look back at a price of 13.XX as the real bargain bottom.

Thoughts?