Articles Related to GDX

GDX Feedback Loops & Overweight

TXGM smooths out some of the distortions from weighting, but GDX can still weight down the whole sector.
by Zac Mannes - 6 months ago

Has Silver turned Bearish!?

As Helene Meisler's pinned Tweet says, "Nothing like price to change sentiment."GC should get a (iv)-(v) of circle c. If the purple c after the triangle it can be a more muted (iv)-(v) toward 1820 region. If we are still in the blue ED for circle c the (iv) can get higher.As posted last night on SI, the stretch lower got to the 123.6% ext of circle c there Ideally that is all of the 4 just under the 38.2% retrace of 3 and close to the 100MA. Either we have to squeeze in its (iv)-(v), or just count it as (a)-(b)-(c) of circle y instead of a c.
by Zac Mannes - 1 year ago

Has Silver turned Bearish!?

As Helene Meisler's pinned Tweet says, "Nothing like price to change sentiment.
by Zac Mannes - 1 year ago

$GDX - Elliott Wave Chart Analysis on Sep 1st, 2020

GDX looking promising so far as the potential start to wave iii of C. 41, 40, and 39 are support levels for price to take out, each improving the probability of targeted 37.20 - 36.25 before wave iii of C completes.
by Garrett Patten - 1 year ago

Metals Are At Different Stages Of Correction

Earlier this week, I sent out a mid-week update warning you to protect your positions as we are setting up for more weakness in the complex. The main tell for me was the GDX chart, wherein I was looking for a rally high in the 44 region, to be potentially followed by a decline to the .382 retracement of wave [3] in the 37 region. Yesterday, the market begin to follow through to the downside in an almost textbook Fibonacci Pinball manner. However, as we were approaching our first hurdle – the 40.70 support – the MACD on the 8-minute chart began to diverge in a manner in which it should not during a heart of a 3rd wave down.
by Avi Gilburt - 1 year ago

GLD Continues Higher - Market Analysis for Jul 27th, 2020

With the GLD breaking through the ceiling of the .764 extension, I think I am left with no choice but to assume the more accelerated count, as now shown on the 60-minute chart. While we were targeting levels north of 200 in GLD for wave [5] of 3, it seems the market wants to take a more direct route towards that target. In truth, I am not wholly certain exactly where [3] and [4] will fall out within wave iii, but under all circumstances, I now have to assume that 175/76GLD is our micro support, which should not be broken below at any point in time now.
by Avi Gilburt - 2 years ago

Upside Running Out Of Room In Metals

While my last update suggested that we still had room to the upside in the metals complex, I think we are now approaching the final squiggle within that “room to the upside.” GLD has been the better defining chart, with the clearest path we have had for some time. And, that chart still suggests we will likely see a 5th wave rally. In fact, we even seem to have a micro [i][ii] structure set up off the wave 4 pullback on the chart, which suggests that wave 5 of i is now in progress. If this is the correct count, then we should see a gap-up tomorrow for wave [iii] within wave 5 of i.
by Avi Gilburt - 2 years ago

Metals Continue To Push Higher

Whereas the GLD and silver charts are still pushing higher towards their ideal targets, I have to be honest in explaining that I am questioning the GDX move at this time. In very simple terms, GLD continues to fill in the micro chart we have been tracing for weeks now. There have been no real surprises, as we are now approaching the completion of the micro wave 3 on the attached 60-minute chart. So, there really is nothing more for me to add to the analysis in that regard. In silver, if this rally is wave [i] of wave iii of [3], then we should be getting closer to the next market pivot overhead.
by Avi Gilburt - 2 years ago

GDX Is Trying To Stretch

As I have been outlining over the last few weeks, the only way I can even consider that we may have begun wave v of [3] is that wave 1 of v of [3] is taking shape as a leading diagonal. And, if that is the case, then we really should hold the 34.75 support level, and rally towards the 38 region to complete a c-wave of wave [v] of 1 in green, as you can see on the 8 minute GDX chart. In the very micro count, the drop today counts best as 3-waves, with the rally off today’s low also looking like 3 waves thus far.
by Avi Gilburt - 2 years ago

GLD Looking Nice - For Now

I know the title of this update is that the GLD is looking nice now, and it is, but silver and GDX are still quite sloppy at this time. In GLD, this is really easy. As long as we hold over the 164 prior resistance, which is now support, especially since it is also the .618 extension in the micro 1-2 upside structure, then I am looking to continue this rally towards the 174 region. However, if we break below the 164 support, then we may have a b-wave rally that has topped, and a c-wave down can still complete a larger wave [ii], shown in yellow.
by Avi Gilburt - 2 years ago

Metals Continue to Chop

As I have taken off a few days this week, I am going to keep this update rather short and simple. While GLD still remains in a very micro-bullish set up as outlined over the weekend, GDX has simply been “flopping” around within the same general region for weeks now. Unfortunately, there are actually 4 different micro counts that I am tracking in my mind on GDX based upon the structure on the 8 minute chart. So, rather than confuse you with the complexity, I am going to distill this in as simple a way as possible. As long as GDX holds over this week’s low of 31.32, we have a micro set up pointing us to the resistance box overhead.
by Avi Gilburt - 2 years ago

I Got Issues - Market Analysis for Jun 10th, 2020

For those that follow me, you know that I am generally a metals bull when I have a good reason to be so. Yet, I am also a realist and do not like to lose money or to place someone else in a posture that can lose them money. So, right now, I have issues. When I look at GLD, I now have two smaller 5-wave structures that have developed off last week’s low. That would suggest that the pullback was indeed a more complex w-x-y structure within wave [ii]. That begins to strongly weight the evidence in favor of GLD having bottomed and having begun its next rally phase.
by Avi Gilburt - 2 years ago

Metals Are Still Being Stubborn

With the GDX having the minimum numbers of waves in place to consider wave iv as completed, we were looking for an impulsive 5-wave structure to suggest that wave v to 40+ has begun. Yet, as the market approached the resistance noted on my chart, I posted the following update on Monday: “I wanted to send this update to the entire site, since we are approaching another inflection point. With the move up off the lows not looking terribly impulsive, I am getting very cautious and protective in the near term as long as are unable to exceed this resistance box on the GDX.
by Avi Gilburt - 2 years ago

Metals Sitting Over Support

Last week, the GDX failed to take advantage of its break out set up and broke below the 36.30 initial support I highlighted, and then followed through below the 35.30 more important immediate support. That was our warning that the alternative we were tracking was becoming our primary count, and we were likely going to test the 31-33 region for wave iv of [3].
by Avi Gilburt - 2 years ago

Don't Panic - Market Analysis for May 27th, 2020

The blue "2" has several advantages to the purple subwave count for c of 3, most importantly it carries the words "Don't Panic" in large friendly letters. While we can maintain the blue alt 1 as an abc up still in an ED for (5) of P.3 in GC, the April high for blue 1 easily counts as 5up allowing this "alt blue" structure to be an IMPULSE for (5) of P.3 and likely stretching the rest of that move toward... drum-roll please... ... 2200. And that is with pretty MUTED extension for the 3 and 5... if a more normally proportioned impulse the 3-4-5 could stretch toward 2300+. The 1634 region is going to be my ideal support level for a blue 2, but 1606 1566 are perfectly valid Fib retrace regions.
by Zac Mannes - 2 years ago

$GDX - Elliott Wave Chart Analysis on Feb 28th, 2020

GDX should be able to find support for this initial A-wave down in (2) between the .382 and .500 retrace. Once there is evidence of a local bottom in place, the target for a B-wave bounce will be the standard .382 - .618 retrace of wave A.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Feb 4th, 2020

GDX failed to hold last week's low, so the wider flat for wave b is now the focus. At the very least a retest of the Jan low is expected before attempting a bottom, with 27.40 as support below there.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 31st, 2020

GDX has a potential micro 5 up from the low this week, so I am considering that wave c of 5 is going to fill out as an ending diagonal. If so, then the micro 5 up should be wave 1 of c within the larger wave (i) of the ED.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 28th, 2020

Still room down to 28.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 27th, 2020

GDX seems to be confirming the leading diagonal off the Jan low for wave (i) of c, with room down to 28.50 in wave iv of the LD. Below there and the red count starts to take over.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 27th, 2020

The nature of this bounce should determine whether or not the standard impulse count in blue stays alive or Zac's LD takes over instead.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 24th, 2020

GDX tested the 28.559 - 28.50 support at the pre-market low, enough to satisfy wave 5 of (C) for a completed wave 2. Above 29 should confirm wave 3 of iii in progress heading toward ~29.70 next.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 9th, 2020

Close to testing the .500 retrace at 27.86 as support for wave b of 5. Also happens to be where the breakout from the recent base occurred as well as around the 100 day and 50 day SMA.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Jan 8th, 2020

28.32 - 27.40 remains target support for this pullback as wave b of 5.
by Garrett Patten - 2 years ago

$GDX - Elliott Wave Chart Analysis on Oct 25th, 2019

Odds further increasing that wave 4 has completed as the blue count. I only have one possible interpretation left where wave 4 has not completed shown in red as the alternative, but it would also allow for more near-term upside in (c) of b.
by Garrett Patten - 2 years ago