Critical junction for GDX. Either it turns up for OMH, or continues lower in a correction off 20.87. A break below 18.82 suggests wave ii target in 17s will be reached.
Bulls, take at least partial profits on a 3-wave rally, anything above 20.85. This is an Ending Diagonal if it plays out. EDs reverse hard to their starting point - or beyond - upon completion.
Bears, beware of possibility for OMH in short term. Take at least partial profits below 18.85 as the primary trend right now is bullish. Countertrend trades after such a strong rally are risky, and retraces on miners might be shallow (observe earlier rally this year).
Long term investors, buy any 3-wave retrace into the blue wave ii box. Don't hold out for a 61.8 retrace as a correction may not reach nearly that low. Could be as shallow as the mid-17s, even 23.6% area at 18.85. Confirmation of the bottom comes with a retrace for ii, then taking out the wave i high strongly.
Bulls, take at least partial profits on a 3-wave rally, anything above 20.85. This is an Ending Diagonal if it plays out. EDs reverse hard to their starting point - or beyond - upon completion.
Bears, beware of possibility for OMH in short term. Take at least partial profits below 18.85 as the primary trend right now is bullish. Countertrend trades after such a strong rally are risky, and retraces on miners might be shallow (observe earlier rally this year).
Long term investors, buy any 3-wave retrace into the blue wave ii box. Don't hold out for a 61.8 retrace as a correction may not reach nearly that low. Could be as shallow as the mid-17s, even 23.6% area at 18.85. Confirmation of the bottom comes with a retrace for ii, then taking out the wave i high strongly.
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