Senior Miner’s action, is counter-trend into resistance at ~ 36.20.
It was also, as the day prior, inside the bar from Tuesday, the 22nd.
Markets test wide, high volume areas. It’s what they do and it’s happening now with GDX.
The other thing happening, is a possible completion of the ‘a-b-c’ counter trend action before heading lower in Wave 3.
Wave terminology is taken from “Elliott Wave” theory.
From empirical observation, about the only time Elliott Wave is of any use, is when markets are highly emotional.
Emotional markets generate clear waves and we may be seeing that now with GDX.
As shown on the daily chart, Wave 3 projects to GDX ~ 17.35, which is a near -52% drop from current levels.
A significant upward push past the 36.20 resistance area would indicate a longer duration move to a 50% retrace.
With current GDX weakness, bonds reversing and dollar; with the ‘dumb money’ all-in, the most in history, probabilities favor downside action.
From a human interest standpoint, it’s unfortunate that so many are so ignorant about so many things.
Of course, one has to pull themselves away from the propaganda and actually do some work and think … which seems to be a very foreign concept for the masses, the “retail investor.”
Soft-times are over. Hard-times ahead.
Those who have poured their heart out in attempts to wake up their relatives and friends, collectively, are tired of the process.
So, this site presses on, providing decades of experience having tens-of-thousands of hours of screen time, at no charge.
It’s not unreasonable to think, providing market truth may become illegal (or too expensive) at some point very soon.
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