GDX did not make new lows with the broader stock market in March.
It has now broken above the descending trendline with bullish Cup and Handle & inverted Head and Shoulders (H&S) patterns.
The EW count is also bullish for a further upside. It has been a great run up for this ETF from a low of 15.5 and is likely to continue at least till at least 55 based on the initial H&S target.
However, if Gold and the broader markets turns lower we may see a de-leveraging (C) wave to complete wave IV (green count).
The more bullish alternative is that wave IV was in at 15.5 and that we will see much higher prices soon. However, this seems less likely due to the impending correction in gold and in the broader markets.
It has now broken above the descending trendline with bullish Cup and Handle & inverted Head and Shoulders (H&S) patterns.
The EW count is also bullish for a further upside. It has been a great run up for this ETF from a low of 15.5 and is likely to continue at least till at least 55 based on the initial H&S target.
However, if Gold and the broader markets turns lower we may see a de-leveraging (C) wave to complete wave IV (green count).
The more bullish alternative is that wave IV was in at 15.5 and that we will see much higher prices soon. However, this seems less likely due to the impending correction in gold and in the broader markets.
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