Gold Miners ETF (GDX)

[123tom]

Only an idiot would forecast this baloney.... wait...!!?! that was me !!

anyway, the target on the chart looked like GDX around 23-24 area to anticipate the resistance zone for a rally wave , and yesterday, topped at 23.81. It could hold soon (22.75 shoulder?)and whip back towards 24, but this is the zone where rally may get tired.

I find it odd to see miners continue to rally while the metals are Not, metals have been stifled down, while miners continue to spend tired fumes inching up some more.
But miners may finally be hitting the end of this first rally wave, looking at a pullback wave now or soon, how far back down will it pull back this time?? how far ,how far, how far back down.

It would be nice to see at least an ABC rally wave structure. that would mean the pullback will hold at a normal pullback zone, like GDX at 21.50 and rally up to target maybe 24/25 area, even 26 ?? wow. 26 is like the moon. I'd have to find something to sell at GDX 26

The daily 200 ma is at 25.50 now and the weekly 200 ma (27.25 now) will likely slide down toward 26 in a few weeks.