This chart has no wave counts on it just trend lines. Followers know exactly what wave count I’m on. In reality I don’t need to do anymore wave counting until GDX has shown me that a decent recognizable correcttion has taken place. For the life of me I don’t see it, as any correction always has at least two bottoms not just one bottom.
GDX only has one bottom, so the so called GDX bull market has to see the second low to finish a correction. Eyeballing any chart first is very important. Technically speaking GDX still needs to have its second bottom make a public appearance which it refuses to do. Even if GDX turned to a new high It would still be a bear market rally so that still makes GDX below $12 a real target. There is a major conflict between gold bulls and the golden bear because the bearish group needs GDX under $12, the GDX bulls need to go above that $34 price price level. Exact price levels are required when we get to a critical turnings.
What other two technical hints do you see, that will help us and all readers to determine if we are in a true bull market, or if the past has just been a good old fashioned bear market rally. A big Head & Shoulder pattern and a little innocent gap is also there. There is always a 90% chance that any gap will get filled, and in the case of GDX it provided extreme resistance.
I always use two parallel lines to define a trend and its parameters. I do this first thing before I put a single wave position on my charts. I also make a a full 8×10 printout and I can stare at the GDX pattern for weeks if I want. Notice that our present day GDX has some resistance issues at the $25 price level where it tried 4 times to breakout and never made it. Now think of the 2017 GDX sideways market as a triangle in a “B”wave matching golds triangle “B”. In this case pattern identification is thrown out the window just to promote that GDX is in a bull market.
I ask my readers, do you want to be caught in a fricken GDX bull trap? I sure don’t. Been their, done that, already this year as I unloaded (take a loss)a bunch of shit that I was trapped in. Other readers are doing the same as they have told me.
GDX will be my major trading vehicle as I plan on being on my gold bull called GDX, when the shots get fired. I’m going to use the “gold Bear” and Gold bull” wording a lot.
And right now I’m riding the Golden Bear. Many day traders are miserable when they can’t find a trade setup in GDX so they whine and cry always blaming somebody else for their trading unhappiness. Then they listen to some Elliott Wave jockey that puts out all the little wave counts you want, and after it didn’t work, they’ll blame it on the news.
If there is another thing that I can stress and that is “ALL” wave counts on the internet are bullshit wave counts because I can find a major flaw in any Elliott wave count on the internet today. This may sound like a smart ass statement, but I assure you I’m sugar coating the real situation.
I also have smart traders that will be gladly help me if I have a problem in finding any major wave position errors. One day I will put up a treasure hunt and put out a bounty for a Dead or Alive wave count that has no loopholes in it. If you have any wave counts that follow any modern day wave analysis and you send it to me. I will promise you that your wave count will never be allowed here, I will not give it the time of day to check out your work.
I do not publish pretty wave counts for readers entertainment as my gold and gold stock ETF wave counts are used with actual real money. I call it “testing” as I always test the markets before with a 100 share short position. Short positions always means I’m bearish and I want to ride this golden bear down. It’s not a horse race folks its a race to see how long we can stay in the saddle before getting thrown off. Your best time ride is the only thing that counts!
This may sound a bit silly but I will not play this betting game with people that do not want to have a bit of fun at the same time. If people can’t handle a little fun while doing what they like, then I don’t want to do it or hang around with them.
My wave counts are working wave counts, and as of all of 2018, my GDX wave positions are get seriously tested with real money. Any time I have any position short or long, I’m testing my wave counts. I do this “without” using a single stop anywhere. Starting this week I already have about a 1000 share short positions and might kick in another 100 GDX shares early this week.
I switched the majority of my CAD cash funds to US dollar cash fund trading account, as I see no future in the CAD at this time. Besides the USD is in a bullish phase that has no signs of letting up. I hate my CAD short bets because I will get out of them “before” they hit $5 Cad and a potential inverse stock split. They are not fun, trust me, and once I’m out I will not trade them again. All what I talk about the GDX is just cloned for all the other gold stock related ETFs. GDX will be my main ETF trading ETF.
The trick is to milk every Primary degree turn we run into and when we hit a “real”bottom with GDX. I test the markets in both directions for maximum effeciency.
There are a few out there that will also help test GDX. I do not give investment advice as you need to be licenced, so everything needs to be a test with a minimum 100 shares.
Any trader can test the markets to see which way the real direction is going, way before the experts can. I will do one special on testing the markets before you make the jump either up or down. Folks you need to be all setup and the experience to short sell this gold market. Other wise you have 50% downtime and wasted time is wasted money when it is not working.