here's a 15 min GDX chart,
obviously gold reversed this morning, it had been up
overnight
To me it still looks like GDX is in
its 4th wave consolidation, and looks fine. However I think GDX
needs to rally today to make the pattern symmetrical.
Again, keep an eye on the ratio and
the slow 60 period stochastics
GDX needs to get going here, otherwise it's going to start
a stronger pullback, especially if Stochastics fall below 80% and
the ratio is close to giving a sell.
Maybe the morning high was a truncated 5th?
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GDX 15 min chart.png here's a
Posted by matt on 14th of Aug 2008 at 10:57 am
here's a 15 min GDX chart, obviously gold reversed this morning, it had been up overnight
To me it still looks like GDX is in its 4th wave consolidation, and looks fine. However I think GDX needs to rally today to make the pattern symmetrical.
Again, keep an eye on the ratio and the slow 60 period stochastics
GDX
Posted by charlie on 14th of Aug 2008 at 11:34 am
Thanks very much for the chart and info, Matt.
GDX needs to get going
Posted by matt on 14th of Aug 2008 at 11:18 am
GDX needs to get going here, otherwise it's going to start a stronger pullback, especially if Stochastics fall below 80% and the ratio is close to giving a sell.
Maybe the morning high was a truncated 5th?