gdx has taken out its december lows. the gold/gdx ratio is at very compressed levels, which isnt to say it cant become more compressed. gold is a good distance from its december lows. will there be a capitulation in the miners.? it seems the market is on a search and destroy mission. i could nt pull the trigger yesterday. so far more hourly divergences and very oversold on the daily , but still groping for a bottom
i am not a fan , but he has stuck to this call
at some point w/this compression , i have to think the miners will race. the question is when and from what level??? interesting to me that gdxj has not taken out its december low. while gdx has
the chickens are coming home to roost as the gvt continues its utter disregard for any semblance of fiscal sanity, for now EVERYTHING is in sell mode, at some point miners will catch a bid but we may have a couple day capitulation along with stocks in general. NEM is holding up better than most but there is some serious carnage going on here and it may get really ugly into the close, keeping the rest of my powder dry for now. There is a count where this is the latter stages of wave 2 in GDX and it bottoms modestly below 20.89 in C of an ABC X ABC double zigzag decline, however I can''t rule out it may try to go below the Dec 2016 low at 18.58.
so GDX did take out that 20.89 low by 5 ticks and GDXJ failed to take out comparable low by 4 ticks, so IF GDX had 5 up from Dec 2016 to Feb 2017 then a double zig could have ended today or could work a bit lower next week. NEM coming back very nicely at 36.50, very interesting juncture, just holding what I have
so basically that GDX key series of lows and support area from 20.89 to 21.20-30 from 2017 has held "so far" as we had a spike low at 20.84 but reversed and closed strong near 21.43! Nem went positive and closed near 36.77. how and where GDX bottomed today is extremely interesting. Maybe it nothing more than a short term low but it could be much more than that. uno day at a time
Edited by senorBS, 09 February 2018 - 04:07 PM.