Replies to post #248 on Gold Miners ETF (GDX)

[dabonenose]

I will add that I found another trendline pointing at 25 and theren is a small gap to fill there. It will hit some turbulance there but I don't expect that to be a show stopper,,,lol.

When it completes the cup and handle, I expect it to triump over that gap on its way to 30.

The cup and handle is a continuation pattern.

JMHO..............Good luck Y'all !!!

PS.........Man, it's getting nasty out there !!!!!!

[123tom]

those thought Are Humble. (smiles)
yeah, I find the IHUB forum is a little scanty for the miners. a few folks. but its ok. sometimes just to write ones thoughts down like this is helpful to yourself, clears the vision, etc. A few years ago when I first started investing, I used to hand write pages and pages of notes, all the fine detail, I have a huge stack of old notes, about price action, wave structure, forecasts, ....I look at all that paperwork now and say ....wow, why did I need to do all that. But at that time it was really helpful for me. I guess its how I learned so fast, studying as I went along. About 2 or 3 years ago I stopped needing to do that, and I just have all the knowledge in my head now.
I used to subscribe to half a dozen newsletters, now I don't have any.
It does help to find forums like here to be able to talk stuff with fellow investors.

You know, that indicator youre trying to watch for here, in GDX, I understand that cup and handle, or a reverse head and shoulders, theyre good things to watch for, but right now, as I look at the GDX chart, I'm not seeing either really developing too much right now. IF there would be a good rally continue to 30, and then slide sideways to create the handle, there could be the cup and handle, that would be a good one. and If 28 or 30 pulled back to 23 area, that could form a reverse head and shoulder (with the pullback to 23, and level with the left shoulder zone of October. but these patterns are some time away from now.

The big indicators I see right now are the current rally wave having at least 7 subwaves up so far, that's a tired Elliott wave, ready to reverse. and the big Channel zone created between the 200 and 50 ma, that flows along the down trend lines from all the top zones since 2011.

The more I look at charts now, the more I see how the charts were Shattered by the giant collapse in April 2013. They have not hardly begun to recover since then. This little rally since December, is so small on the chart it barely makes a dent. and now it has returned to the down trend Channel, the channel of Doom.....
How can we not see it get Hammered here , sooner or later.