GDX: A Pullback is Due

By: TheWaveTrading | Wed, Feb 26, 2014
Print Email

GDX (Gold Miners ETF): A Pullback is due

I am expecting a pullback foe the following reasons:

GDX Daily Momentum Chart
Larger Image

GDX Daily Reverse Head & Shoulders Chart
Larger Image

  1. The 200 dma which stands at 25.11
  2. The range 24.69 - 23.91 where we have two gaps that can be filled at the trend line support in force since the December 23 low.

I am expecting a higher low. If the assumed pullback is a wave (B) it should bottom in the lower target range.

GDX Daily Chart
Larger Image

Therefore if the wedge pans out I will go long DUST (Gold Miners Bear 3x ETF).

DUST Daily Chart
Larger Image




Author: TheWaveTrading


Contact: If you would like to contact the author, you can e-mail him at

The main objective of this project is to share my views on several markets and asset classes.

In the initial stage TWT website will be a free service.

My main focus will be the equity market with SPX being the leader but I will also follow US equity sectors, major European indices, fixed income, currencies and commodities markets.

My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines and investor sentiment.

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on the long and short side and mainly with leveraged ones (2 x & 3 x).

The advantage of ETF investments is that it allows getting involved in equity indices & sectors, currencies, fixed income, commodities etc.

Therefore the main purpose of TWT will be to establish investment strategies regardless if the market is in an up trend or in a down trend, leveraging the chosen scenario while managing the risk by establishing protective stop losses.

Hence I will always define the risk, I will try to let winners run the wave and I will cut the losses if my strategy is wrong.

Disclaimer: The content of this article is for educational purposes only, the information supplied is not a recommendation to buy or sell any security or financial instrument. nor the owner can not be held responsible for any loses occurred from the information provided within the website.

The Information supplied cannot be copied or reproduced without the permission from the owner.

Copyright 2011-2016 TheWaveTrading

All Images, XHTML Renderings, and Source Code Copyright ©