GDX 3 day chart 2/23/20
GDX is nearing a resistance zone. If GDX stops around 32 - 33 area and pulls back to the support zone then I will likely view GDX has a bull market to look forward to for a long term but if GDX extends to the red line around mid 36 area, then pulls back hard, I would view it bearish for GDX. Until now, it's been a fairly easy ride but it's time to buckle up.
GDX is nearing a resistance zone. If GDX stops around 32 - 33 area and pulls back to the support zone then I will likely view GDX has a bull market to look forward to for a long term but if GDX extends to the red line around mid 36 area, then pulls back hard, I would view it bearish for GDX. Until now, it's been a fairly easy ride but it's time to buckle up.
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GDX 2 hour, 2/28/20
20% down so far
20% down so far
Pretty strong, nearly 12% pull back from the rejection of double top area.
Even when $XAUUSD was trading positive, GDX was trading negative showing that many Miners were weak.
Path_1: Consolidate around here making a bull flag therefore creating Cup & Handle like pattern and go up. It will take some time.
Path_2: Consider a Diagonal count of 5 waves up completed. Now pull back to 24-25 area to build a base again.