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.
This past Wednesday, Senior Gold Miners GDX, retraced to 50%.
Thursday, price action tested that level and closed lower.
On the chart below, we’re going to present price action facts; leaving out ‘hyperinflation’, YouTube grifting, ‘dollar destruction’, ‘it’s all ending tomorrow’, click-bait.
Before getting to the chart, let’s add, on this site, it’s always been about the food supply first, then gold and silver, link here (not advice, not a recommendation).
The video at left, is five years old.
Since then, there’s been a massive learning curve concerning livestock.
All but one of those hens is gone now, she being retired, having produced 850 – 900 eggs.
Others have been brought in to continue the supply.
Now, on to the click-bait 🙂
Senior Miners GDX, Daily
GDX, posted an up-thrust, March 2nd, then collapsed a whopping -32.8%; read that, as ‘coincidental’ 33%.
It’s now retraced to 50%, and also in a potential channel.
Volume for yesterday contracted on the test, but it was also a pre-holiday trading day.
So, let’s just note that and not put undue weight on the fact, commitment to the upside was weak (not advice, not a recommendation).
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.
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.
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.
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.
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.
The chart insert at left, shows Senior Miners, GDX, have bounced off support (blue line), making another attempt at a retrace.
The lower magenta dashed line is 38.2%, with the 50% level, as the upper line.
If this retrace attempt fails by posting successive lows below ‘support’, it indicates we may already be in the ‘deflationary scare’ as discussed by Ed Dowd many times in his interviews (not advice, not a recommendation).
Note the dollar (UUP proxy) is currently in a rally.
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.
Based on price action itself, the miners are refusing to retrace higher.
The last update suggested a retrace to the usual location(s), at least the 38.2% level, the vicinity of ‘wave iv’.
So far, not even that is happening.
Senior Miners, GDX, Daily
Pre-market trading in GDX (as of 8:24 a.m., EST) is lower.
At this point, from the chart above, we can see the index struggling to move higher.
Elliott Wave or not (from previous post), Wyckoff method says the market itself defines the next likely move.
It’s possible we’re not at the bottom of the current down leg; that we’ll post lower before making a serious retrace attempt (not advice, not a recommendation).
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.
During this recent interview, long-time trader Larry Williams, says the ‘Commercials’, i.e., those who know their business, have left the party (time stamp: 17:30).
The chart itself, showed record breaking thrust higher followed by a swift down-move.
This week started with GLD, posting a gap lower.
At this point, it’s (still) trying its best to close that gap.
Gold GLD, Weekly
The Fibonacci levels remain on the chart.
Note the 50%, ‘correction’ level, from the last update.
If last week’s high really was a significant reversal, it’s a long way down to 50%.
The fact GLD is struggling to close the gap, provides some confirmation the miners are in the same boat; possibly worse (not advice, not a recommendation).
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.
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.
The Danger Point® 