GDX - Chart Link- GDX bounced from near that
50% Fib. As both Steve and I commented, with the 5 waves up, we've
been looking for a higher low and scaling back into some long
yesterday made sense. That said that could have completed the
pullback or that might have simply been wave (a) down with this as
wave (b) up, then a (c) down to complete it
The bullish view would have that 5 waves of wave 1 and this as a
wave 2 pullback
the bearish view however aligns short-term with the bullish view
as the 5 waves up would be wave A, this pullback as a higher low
wave B, then a move up to C.
again - a clear example of how when both bullish and bearish
counts align for the same move in the short-term - you have a low
risk trade situation on hand
GDX bounce commentrs
Posted by matt on 25th of Jul 2023 at 10:25 am
GDX - Chart Link- GDX bounced from near that 50% Fib. As both Steve and I commented, with the 5 waves up, we've been looking for a higher low and scaling back into some long yesterday made sense. That said that could have completed the pullback or that might have simply been wave (a) down with this as wave (b) up, then a (c) down to complete it
The bullish view would have that 5 waves of wave 1 and this as a wave 2 pullback
the bearish view however aligns short-term with the bullish view as the 5 waves up would be wave A, this pullback as a higher low wave B, then a move up to C.
again - a clear example of how when both bullish and bearish counts align for the same move in the short-term - you have a low risk trade situation on hand
we might just had wave
Posted by raymuy on 25th of Jul 2023 at 10:37 am
we might just had wave 4 and wave 5 is now coming up - the previous top was wave 3
yes that's a valid option
Posted by matt on 25th of Jul 2023 at 10:37 am
yes that's a valid option as well