Another way to look at the GDX price action - triangle on the
hourly chart. My understanding is that symmetrical triangles
usually break in the direction of the trend coming into the
triangle, so that would suggest a down side break. Also, price
action from the 16 high can be counted as having completed four of
five waves. Down side break would be the 5th wave. But I'm not an
expert EW counter, so this is not trade advice.
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Another way to look at
BPT GDX 15 Updated
Posted by frtaylor on 3rd of Sep 2015 at 12:14 pm
Another way to look at the GDX price action - triangle on the hourly chart. My understanding is that symmetrical triangles usually break in the direction of the trend coming into the triangle, so that would suggest a down side break. Also, price action from the 16 high can be counted as having completed four of five waves. Down side break would be the 5th wave. But I'm not an expert EW counter, so this is not trade advice.