A brief video pointing out some aspects of the GDX daily chart during a holiday week. Holiday season is a time when market signals can get a little reliable, but we should still remain up to date with the indications. I personally found a couple aspects pretty interesting.
[edit] After fiddling with the chart post-update, there is another way of drawing the downtrend channel that shows a breakout. So please take all of this ‘man stares at chart’ stuff with a grain of salt. The primary aspect is the pattern’s neckline at 30+, as has been the case all along.
Hi Gary,
Yes, I noticed the downtrend line could have been drawn touching the Nov 3rd high which would make today’s action “nearly” a breakout. But, as you noted it’s really the neckline that is the kicker at around $30.
Thanks again for the update. Always appreciated from the “Land of the Rising Sun”. :)
Yup, 30 (+/-) is the key, John. So far, so good though.