Early Session Update

It did not take long to be proven wrong.  DUST positions (in both accounts) have been exited.

Stated before, a 23.6% retrace is a rare event.  Looks like that’s holding true as price action for GDX now points to the 38.2% area. 

That corresponds to GDX trading to around ~ 38 … a long way to go higher.

Biotech, shown below is just 0.69-pts shy of target with price action (as of 10:34 a.m. EST) coming back to test the early session lows.

It’s traders discretion (not advice, not a recommendation) to determine if today is the day IBB finally reverses and confirms the bearish weekly MACD divergence.

 At this point, daily action has quickly retraced from the high of 149.31

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.
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