GDX - Chart Link - here's another follow
up on the 15 min GDX chart from yesterday and this morning.
Clearly the wedge played out and GDX found support at the
61.8% Fib.
However I drew a potential target should this move be about
equal to the previous one, however the move can also be a lower fib
projection such as 62% of wave A etc, so don't necessarily hold out
for that black dotted line to be met. Otherwise from an
Elliot Wave Perspective, this advance could either be an ABC move
with this move being a wave C (this is what I talked about on the
weekend commodity newsletter), or it could be a more bullish 5 wave
pattern with this move being wave 3 instead - but it's too early to
know at this point. However on the weekend my comments were
that if a higher low was established that I would expect a move up
in at least a wave C, would would provide a nice move in
itself.
today's move of GDX has been strong so far and looks impulsive.
Great job on the RSI-2 system trade! However, can you tell us
whether the momentum indicator of the daily chart has turned green
or not? My understanding is the GDX RSI-2 system may hold the trade
longer if the momentum indicator turns green even if RSI
closes back above 80.
It was still red when I checked last time, in the morning, I
think it only changes color by the end of the day,becos
it is a daily indicator, Matt could correct me if I am wrong, at
this pt of time is positioned to to close above the 9 day moving
average.
GDX 15 min follow up
Posted by matt on 9th of Apr 2013 at 12:10 pm
GDX - Chart Link - here's another follow up on the 15 min GDX chart from yesterday and this morning. Clearly the wedge played out and GDX found support at the 61.8% Fib.
However I drew a potential target should this move be about equal to the previous one, however the move can also be a lower fib projection such as 62% of wave A etc, so don't necessarily hold out for that black dotted line to be met. Otherwise from an Elliot Wave Perspective, this advance could either be an ABC move with this move being a wave C (this is what I talked about on the weekend commodity newsletter), or it could be a more bullish 5 wave pattern with this move being wave 3 instead - but it's too early to know at this point. However on the weekend my comments were that if a higher low was established that I would expect a move up in at least a wave C, would would provide a nice move in itself.
Matt, today's move of GDX has
Posted by shinings on 9th of Apr 2013 at 12:47 pm
Matt,
today's move of GDX has been strong so far and looks impulsive. Great job on the RSI-2 system trade! However, can you tell us whether the momentum indicator of the daily chart has turned green or not? My understanding is the GDX RSI-2 system may hold the trade longer if the momentum indicator turns green even if RSI closes back above 80.
Thanks,
GDX momentum indicator
Posted by kattap on 9th of Apr 2013 at 01:12 pm
It was still red when I checked last time, in the morning, I think it only changes color by the end of the day,becos it is a daily indicator, Matt could correct me if I am wrong, at this pt of time is positioned to to close above the 9 day moving average.
thanks
kattap
thank you kattap.
Posted by shinings on 9th of Apr 2013 at 01:45 pm
thank you kattap.
GDX small h&S on the 5 min?
Posted by holland on 9th of Apr 2013 at 01:45 pm