Shorting GDX (Gold Miners ETF) Is My Likeliest Trade on Monday (Clarified Paragraph Two)
Shorting (day trade, http://stockcharts.com/charts/gallery.html?gdx) GDX (Gold Miners ETF) is my likeliest trade on Monday, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. Note that GDX has a bearish large spike on Friday 11-7's candle.
GDX should complete Wave C of the short term Wave 2 downcycle (since 11-5-08) early next week (the countertrend Wave B of Wave 2 should peak early on Monday, if it didn't peak early on Friday 11-7).
Both the gold sector NEM Lead Indicator (-1.54% versus the XAU on 11-7) and the broad market Walmart (WMT) Lead Indicator (-1.21% versus SPX (S & P 500) on 11-7) were very bearish on Friday 11-7.
GDX should fill it's downside gap at 20.95 from 11-3's open early next week, then watch the downside gap at 18.69. Nothing I discuss on this Blog is a recommendation.
.......http://www.JoeFRocks.com/
NEM XAU HUI
GDX should complete Wave C of the short term Wave 2 downcycle (since 11-5-08) early next week (the countertrend Wave B of Wave 2 should peak early on Monday, if it didn't peak early on Friday 11-7).
Both the gold sector NEM Lead Indicator (-1.54% versus the XAU on 11-7) and the broad market Walmart (WMT) Lead Indicator (-1.21% versus SPX (S & P 500) on 11-7) were very bearish on Friday 11-7.
GDX should fill it's downside gap at 20.95 from 11-3's open early next week, then watch the downside gap at 18.69. Nothing I discuss on this Blog is a recommendation.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: GDX, Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
4:32 PM
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