The Junior Gold Minors GDXJ finished a wave 3 down on the daily chart. It has now completed an abc correction into wave 4. The MTPredictor indicators generated a TS2 automatic sell signal at 27.14 with a stop at 29.77. The initial target is 21.99 which is the minimum wave 5 target. If price does not hit 27.14 (the entry) and instead moves above 29.77 first,...
Relative safe long position seems in the process with tight stop in case you are wrong. Let us meet $31 next few sessions if price manages to close above recent swing high at 26.74 we are not that far from it. If you want a real time alerts try us www.2waytrading.com
GDXJ is coming off an important low on the weekly chart. MTPredictor found this abc correction and generated a long TS3 Trade setup. The initial resistance/target can be the DP off of the b swing at 44 with the final target at 46.59. Obviously, today's FED meeting can be a game changer so be aware. I decided to sell puts here instead of take the trade...
GDXJ has been basically flat since I got in @ $40.25
I still believe the golds are all making a large head and shoulders pattern. My only real fear is that maybe it is too obvious. Meaning that maybe it is becoming a crowed trade. In my experience it seems like the prettiest chart patterns tend to fail.
Another interesting thing I came upon is that it seems...
Juniors/Large producers ratio put a piercing line candle yesterday in the daily (not shown), right at the last weekly support/demand zone.
If confirmed, might be a good signal that Gold has a chance to go higher like the last time it happened and fight the outside weekly reversal which is an ominous sign on its own.
A close above 1,52 in the ratio will be good...
I see a negated trend line and a broken upper resistance line now acting as support
due to the back test and now an up move... should be heading to structural resistance area.
But as always time will show
Safe trading ladies and gent!s!
BM
Junior Gold Miners ETF have been bitten up or rather down for the last 3 years.
In this process it has completed a huge ABCD at the purple line in 32.44.
At the end it has created a smaller shs pattern.... but target hasn't been reached so far at yellow line 15.75 (lowest is red line 28.97) and neckline is now being challenged. Is it a backtest or .....?...
Upcoming demand, write downs in the rearview, terrible sentiment on raw good and industry, low risk given sitting on lows... I'll hold here for a few quarters barring a sudden drop below 30
Upcoming demand, writedowns in the rearview, terrible sentiment on raw good and industry, low risk given sitting on lows... I'll hold here for a few quarters barring a sudden drop below 30
