I Just Day Traded GDX/HUI/XAU's Intraday Wave A
I just day traded GDX/HUI/XAU's intraday Wave A, shorting GDX, the Gold Miners ETF, at 47.84, and covering it at 47.4799 about 46 minutes later. After an intraday Wave B type move I'll look to short GDX again. Since GDX/HUI/XAU (http://stockcharts.com/charts/gallery.html?%24hui) are in a short term Wave C downcycle since 1-30-08, all of my trading now is on the short side.
GDX/HUI/XAU spiked early on, which was Wave B type move after yesterday's Wave A down move, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c=. I waited for GDX/HUI/XAU's early spike to complete an Elliott Wave 12345 up down up down up pattern, and, I looked for a large bearish spike on the Wave 5 cycle high before looking to short GDX. I also checked to see that the intraday NEM Lead Indicator had turned bearish, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
GDX/HUI/XAU spiked early on, which was Wave B type move after yesterday's Wave A down move, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c=. I waited for GDX/HUI/XAU's early spike to complete an Elliott Wave 12345 up down up down up pattern, and, I looked for a large bearish spike on the Wave 5 cycle high before looking to short GDX. I also checked to see that the intraday NEM Lead Indicator had turned bearish, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
8:02 AM
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