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GDX Uptate: Weakness Prevails In Gold Miners ETF
This is an update for those of you who follow-GDX. I last published a chart for-GDX six days ago.
There are STILL plenty of sharks in the water. From the chart action I would say the trend is down.
Most time horizon charts for-GDX are very negative.
1. There has been a complete breakdown since the wedge was violated (see chart from 12 days ago).
2. Many sell Fractals (in rectangle).
3. The top middle indicator is a 9 interval momentum of OHLC/4, and heading slightly up, but still below the zero line.
4. The top indicator is a 34 interval momentum reading of the GDX-price. This is weak, below zero, heading lower.
5. Chop (under chart) is in the UNDER THE SHADED AREA, indicating a STRONG DOWN MOVE. This is a sell signal.
6. Chop zone (under chop) is red, indicating a downward trend. This is a sell signal.
7. The red conversion line of the Ichimoku Cloud is heading lower. This is a sell signal.
8. The black baseline line of the Ichimoku Cloud is heading lower. This is a sell signal.
9. Prices are trading below the Ichimoku Cloud conversion line and baseline. This is a sell signal.
10. The Ichimoku Cloud is heading lower. This is a sell signal.
11. The Ichimoku Cloud has a red border. This is a sell signal.
12. Prices are now below a 233 interval trend-line. This is a sell signal.
13. The top lower indicator is a forward projection. For an estimation of possible FORWARD TRENDING I use the Ichimoku Cloud Senkou Span A (Leading Span A): (Conversion Line + Base Line)/2)). This is the midpoint between the Conversion Line and the Base Line. The Leading Span A forms one of the two Cloud boundaries. It is referred to as "Leading" because it is plotted 26 periods in the future and forms the faster Cloud boundary. I then make an oscillator out of this and plot the progress up and down around a “zero line”.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-GDX IN THE TOP LOWER INDICATOR. IT IS VERY NEGATIVE.
Positives to report: None.
There are so many negatives I believe the TREND IS DOWN.
I hope all of your trades go well. Don.
There are STILL plenty of sharks in the water. From the chart action I would say the trend is down.
Most time horizon charts for-GDX are very negative.
1. There has been a complete breakdown since the wedge was violated (see chart from 12 days ago).
2. Many sell Fractals (in rectangle).
3. The top middle indicator is a 9 interval momentum of OHLC/4, and heading slightly up, but still below the zero line.
4. The top indicator is a 34 interval momentum reading of the GDX-price. This is weak, below zero, heading lower.
5. Chop (under chart) is in the UNDER THE SHADED AREA, indicating a STRONG DOWN MOVE. This is a sell signal.
6. Chop zone (under chop) is red, indicating a downward trend. This is a sell signal.
7. The red conversion line of the Ichimoku Cloud is heading lower. This is a sell signal.
8. The black baseline line of the Ichimoku Cloud is heading lower. This is a sell signal.
9. Prices are trading below the Ichimoku Cloud conversion line and baseline. This is a sell signal.
10. The Ichimoku Cloud is heading lower. This is a sell signal.
11. The Ichimoku Cloud has a red border. This is a sell signal.
12. Prices are now below a 233 interval trend-line. This is a sell signal.
13. The top lower indicator is a forward projection. For an estimation of possible FORWARD TRENDING I use the Ichimoku Cloud Senkou Span A (Leading Span A): (Conversion Line + Base Line)/2)). This is the midpoint between the Conversion Line and the Base Line. The Leading Span A forms one of the two Cloud boundaries. It is referred to as "Leading" because it is plotted 26 periods in the future and forms the faster Cloud boundary. I then make an oscillator out of this and plot the progress up and down around a “zero line”.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-GDX IN THE TOP LOWER INDICATOR. IT IS VERY NEGATIVE.
Positives to report: None.
There are so many negatives I believe the TREND IS DOWN.
I hope all of your trades go well. Don.
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Publicações relacionadas
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.