$GDX - my gold count
Hey Guys
Normally when I trade gold its via options on GDX. Someone asked me to look at my take on gold so here it is. We are still looking for a wave 2 bottom and I am seeing us as having finished off wave a of our final wave Y of Wave Y of wave 2. We are in this massive falling wedge structure as well and I am not seeing any RSI divergence on the daily (saw it on hourly frames but that is likely just pointing up for wave b). I think we fail here again at the upper TL around 31 a share again. From there I see the last leg flush heading towards the 61.8 extension & 100 extension zone. That is where wave Y's like to find bottom (although can be 161.8 I am not seeing that here). There is confluence in this area with our 61.8% retracement as well.
My prediction: We will continue to rally until upper TL, from there we flush again and head down to our actual bottom at the 26.50-27.5 zone. That is a good "bottom" buy spot IMO.
How to trade this: just alert on the Upper TL break. No reason to try to call a bottom. Lets get a falling wedge breakout and then grab a position at that point. Buy half on break out and buy half on retest
Normally when I trade gold its via options on GDX. Someone asked me to look at my take on gold so here it is. We are still looking for a wave 2 bottom and I am seeing us as having finished off wave a of our final wave Y of Wave Y of wave 2. We are in this massive falling wedge structure as well and I am not seeing any RSI divergence on the daily (saw it on hourly frames but that is likely just pointing up for wave b). I think we fail here again at the upper TL around 31 a share again. From there I see the last leg flush heading towards the 61.8 extension & 100 extension zone. That is where wave Y's like to find bottom (although can be 161.8 I am not seeing that here). There is confluence in this area with our 61.8% retracement as well.
My prediction: We will continue to rally until upper TL, from there we flush again and head down to our actual bottom at the 26.50-27.5 zone. That is a good "bottom" buy spot IMO.
How to trade this: just alert on the Upper TL break. No reason to try to call a bottom. Lets get a falling wedge breakout and then grab a position at that point. Buy half on break out and buy half on retest
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.