Just a quick visual to update the 60 min. ‘bounce’ charts of GDX and GDXJ from last week.
Below is not a comment on whether or not the sector has bottomed (I suspect that even if a bottom is in the lows will at least be tested in the coming weeks) but just a snapshot update per the original ‘bounce’ premise of these 60 minute charts.
The 60 min. momentum and trend indicators look good with RSI not yet particularly over bought. Traders who played the bounce and/or who believe that the lows will be tested, should consider taking profits at or below the targets.
There may not be any additional updates to these short-term views as it is not my goal to become a play by play man. The parameters are there.
GDX is within .50 of the bounce target.
GDXJ still has a way to go to reach 30.