For all you sports fans keeping score at home, GDX is breaking down from a bear flag today.
As noted in an NFTRH update as the sector (HUI) bounced on Tuesday…
This is not time for me to take out my pom poms and cheer lead. For HUI to escape the bear’s grip the bounce needs to clear… [the update covered the upside and downside parameters of HUI, Gold and Silver]
But this is a classic flag breakdown going on today. Now these things do not necessarily need to lead to significantly lower levels. It’s a short-term daily pattern, after all. But there is a target that could make things uncomfortable in the near-term. The key is that you need parameters ahead of time so you can be positioned in a way to feel strong when negative events come about.
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