Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | October 16, 2019

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SPX Monitoring purposes: Flat.

Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.

Long Term Trend SPX monitor purposes: Long SPX on 10/14/19 at 2966.15.



In an October 10 report, we said, “Going into the early September high a pattern called “Three Drive to Top” formed. This pattern can be identified when the second decline off the second top retraces at least 61.8%, which this one did. Market then rallies to a third top. Form there third top market usually retraces back to where pattern began. In this case a pull back to 26.00 level was its target.” Since the beginning of September, GDX is now drawing a “Three Drives to Bottom pattern,” which is the same setup but in reverse. This pattern can be identified when the second rally off the second bottom retraces at least 61.8%, which this one did. The market then declines to a third bottom. From the third bottom, the market usually retraces back to where pattern began (in this case, a rally to the 30.00 range). Since the weekly and monthly charts remain bullish, we would expect GDX to continue its rally higher and possibly to break to new highs. Long GDX on 1/29/19 at 21.97.

Tim Ord,

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