Posted by frtaylor on 21st of Aug 2011 at 10:11 am
Very interesting, and longer term GDX may be due for a move up.
His charts are monthly, so that's a longer time frame than
what I'm looking at.
Two articles by Cory Mitchell that are less sanguine about
impending vertical moves for GDX:
http://vantagepointtrading.com/archives/4681 and
http://vantagepointtrading.com/archives/4519 GDX usually
leads gold, so the divergence indicates the move in gold is
fear-based and not fundamentals-driven, meaning gold should pull
back rather than GDX exploding up. Note that he was wrong
about when the correction should occur, stating wrongly that it had
already begun back in late July. He should have paid
attention to Matt's wave count!
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Very interesting, and longer term
GDX: pullback coming?
Posted by frtaylor on 21st of Aug 2011 at 10:11 am
Very interesting, and longer term GDX may be due for a move up. His charts are monthly, so that's a longer time frame than what I'm looking at.
Two articles by Cory Mitchell that are less sanguine about impending vertical moves for GDX: http://vantagepointtrading.com/archives/4681 and
http://vantagepointtrading.com/archives/4519 GDX usually leads gold, so the divergence indicates the move in gold is fear-based and not fundamentals-driven, meaning gold should pull back rather than GDX exploding up. Note that he was wrong about when the correction should occur, stating wrongly that it had already begun back in late July. He should have paid attention to Matt's wave count!