Direxion Daily Gold Miners Be (DUST)

[Sgreg]

Alright here is the deal. The GDX has hit $23. That is support from May 2014 as well as resistance from January 2015.

I think the pump job is strong enough to get to the next level possibly and that would be $27. $27 was resistance from Aug 2014 and March 2014 and even roughly Oct 2013.

The W completed at $20 for GDX but I see those Ws extended most of the time to the next leg which in this case was $23. Often they even extend to the leg after which in this case would be $27.

Play is simple right here. If GDX can not break and hold $23 then it will fall from here and DUST is in play. If GDX does then hold on to those miners until GDX hits $27. At that time though cash out of the miners and DUST will be in play.

This is what I would/will do.