Gold Miners ETF (GDX)

[DiscoverGold]

The Ord Oracle
By: Tim Ord | August 26, 2020

* (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)

SPX Monitoring Purposes: Sold long SPX 8/18/20 at 3389.78=gain .49%; long 3373.43.

Monitoring Purposes GOLD: Long GDX on 7/8/20 at 38.62.

Long Term Trend SPX Monitor Purposes: Short SPX 5/13/20 at 2820.



We posted this chart yesterday, and said, "An Elliott wave 1 topped in mid May. Wave 2 down ended on June 15 which was the test of the 'Selling Climax' low of June 5. Wave 3 up ended in early August. Wave 4 down is in progress now and could end with a test of the "Selling Climax" low of August 11 near 39.00. From there Wave 5 may start that could see new highs. Wave 4 appears to be forming an 'ABC' where 'C' is a test of the 'Selling Climax' low. This scenario may change but that is what it looks like now." The question now is, was today's low close enough to the "Selling Climax" low of 8/11 to complete the bottom process? Test or no test. Another up leg is coming that should hit new highs. Long GDX on 7/8/20 at 38.62.

Tim Ord,

Editor

Read Full Story »»»

DiscoverGold