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Market Vectors Gold Miners ETF Message Board

  • bluehorseshoe1987 bluehorseshoe1987 Oct 19, 2012 3:39 PM Flag

    Bluehorseshoe likes GDX on the reversal here

    Yeah baby!

    Sentiment: Strong Buy

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    • blue, I liked the reversal also and bought more at $51...Avg is about 52.50 now. I do have a question. If you are a person who looks at charts, tell the board what you think of my calculation.

      In mid SEP when GDX jumped fron the $40s into the $50s, it went to mid $50s. From SEP 14 to the present day, I see a decending triangle nearly completely formed. That is a bearish formation. GDX has bounced off the $50.70 line 3 times in that triangle (that is was forms the base). The 50 DMA is at $50.31. The triangle looks like it will be complete some time near the election (the the rising 50 DMA looks like it will be around %40.70 also). IMO, the $50.70 area is the deciding it breaks, its a short, if it holds, its a buy (or add). If it breaks BELOW $50.70 area and closes under that price with volume, it is my opinion GDX will retest $46 (the point where GDX last broke out from its previous range).

      Your opinion? TIA

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