I am revising the stops on the official DUST swing trade to any move below 12.06 with an optional, more aggressive stop below 12.60. This would help to assure a gain of 2.2% (on the 12.05 stop) or 6.7% (on the 12.59 stop) & with gains well over 60% on both NUGT & DUST so far this month on all the unofficial micro-managed trades that were posted here and/or in the Trading Room.

DUST 10 min 2 Oct 23rd

DUST 10 min 2 Oct 23rd

 

My concern isn't so much that usually large rip & reversal shortly before & after the opening bell today, more so my current read on the charts of gold, silver, GDX and the US Dollar. DUST will continue to remain an Active Short Trade until/unless the 16.30 price target is hit or DUST trades below 12.60 (any print of 12.59). As with all symmetrical triangle patterns, these triangles on GDX & DUST can break either way & the direction in which they break is likely to determine the next major leg up or down in the miners.

As I have been intermediate & cautiously longer-term bullish on gold & the mining sector for a while, that tilts me in favor of an upside resolution of this pattern on GDX although to go long now or sell the DUST long (3x miner short), while we are testing the top of the pattern (i.e.- resistance) would be anything BUT objective. Maybe one more thrust down within the pattern? Maybe a downside break? Just too early to tell but from where price are in relation to the apex of the triangle, we should know very soon.

GDX 60 min Oct 23rd

GDX 60 min Oct 23rd