hourly chartsGDX looks like it needs a decline just below 20.67 and GDXJ below 31.80 to complete possible wave "ii's", and with other stocks like ABX and NEM probably completing final fifth waves the "ugly bottom" process appears fully underway. I think we will likely go below those levels listed but a low above there would not surprise me either
BSing away
Senor
gld oversold
gdx and gdxj not oversold
this could be a B or 2. or something else entirely
@the fed site , the fed added 19 billion last month
dharma
IMO the rally in the indexes and most ETF's from Oct 8 is a wave 1 and we are now in the latter stages of wave 2. I could be dead wrong but my approach is like last December, we are at levels I want to accumulate, identifying the exact bottom is most often an exercise in futility, the GDX low was 20.11 and we are now at 20.91 so we are about 4% above the bottom, given how I view big picture risk/reward from here I will add slowly on lower prices. If the GDX does go just below 20.67 it will be 2.7% above the decline lows and I will likely add a tranche as that is where I think wave 2 will most likely bottom "if" my counting is el correcto.
BSing away
Senor
Edited by senorBS, 17 October 2014 - 10:55 AM.