Posted by hurricanemalta on 23rd of Dec 2009 at 10:34 am
The daily chart looks heavy.Are you thinking GDX runs with the
ball here or do you see it as a bit of temporary respite, with even
the possibility (later when this bullishness subsides)of a further
move down to the lower trendline that runs from early 09
..the one that follows the 200 day ma around 41.50 now..That
would set up a better looking daily maybe if that occured.Any
thoughts?47.50 looks obvious immediate resistance as of now.I guess
it depends where we are in the wave count.
here's a 60 min GDX chart, First resistance is 47.4, however a
good target would at least be the 38% Fib.
The 60 period stochastics has been below 20% for a long time
now, therefore it's due for a good bounce; when 60 period
stohcastics is below 20 or above 80 for a long time, generally you
get a decent move, more than one day. I agree, that after a
decent bounce, the daily chart still needs work so then would
probably consolidate, but for now it had a decent 60 min chart to
get a trade from.
Or...use the
uptrend line on the
GDX/GLD as your sell signal
Matt/Steve...What sort of move are you looking for?
GDX
Posted by hurricanemalta on 23rd of Dec 2009 at 10:34 am
The daily chart looks heavy.Are you thinking GDX runs with the ball here or do you see it as a bit of temporary respite, with even the possibility (later when this bullishness subsides)of a further move down to the lower trendline that runs from early 09 ..the one that follows the 200 day ma around 41.50 now..That would set up a better looking daily maybe if that occured.Any thoughts?47.50 looks obvious immediate resistance as of now.I guess it depends where we are in the wave count.
here's a 60 min GDX
Posted by matt on 23rd of Dec 2009 at 10:41 am
here's a 60 min GDX chart, First resistance is 47.4, however a good target would at least be the 38% Fib.
The 60 period stochastics has been below 20% for a long time now, therefore it's due for a good bounce; when 60 period stohcastics is below 20 or above 80 for a long time, generally you get a decent move, more than one day. I agree, that after a decent bounce, the daily chart still needs work so then would probably consolidate, but for now it had a decent 60 min chart to get a trade from.
Or...use the uptrend line on the GDX/GLD as your sell signal
Thanks Matt..what do you think of the chance of a revisit to the lower trendline around 200 dayma
Posted by hurricanemalta on 23rd of Dec 2009 at 10:44 am
Almost guaranteed, Search for an
Posted by junkie on 23rd of Dec 2009 at 10:55 am
Almost guaranteed, Search for an earlier post of mine on that regard (confer with Roger Wiegand's prediction).