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Thursday, October 31, 2019 7:03:29 AM
By: Tim Ord | October 30, 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: Sold long term SPX on 10/24/19 at 3010.29=gain 1.49%; Long SPX on 10/14/19 at 2966.15.
![](http://stockcharts.com/img/articles/2019/10/30/73705815-e592-40c5-a9f1-c4749a687d5f.jpg)
We have updated this chart from yesterday. Yesterday, we said “The pattern that appears to be forming on GDX from the September high is a “Falling Wedge”. This pattern can be described by lower high and lowers lows that meet out into an “Apex”. As the market works towards the “Apex” the volume gradually decreases. This matches the GDX pattern. Last Thursday GDX broke above the downtrend line from the September high and could be the “Breakout” that suggests the bottom is in. Today’s pullback could be the “back test” of the breakout level and should find support in this region. The bottom window is the “Bollinger Band width” which is at a low level. Low levels in the Bollinger Band Width suggests a trending market is coming and most liking the “Trending market” will be up. “Falling Wedges” have upside target to where the pattern began; which in this case is the September higher near 31.00. GDX could go higher but that is the first target for the next resistance.” Today’s low finding support at the down-sloping trend line from the September high adds to the bullish breakout scenario. Long GDX on 1/29/19 at 21.97.
Tim Ord,
Editor
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