Thursday, September 3, 2009

GDX gold stocks comments - see chart

Sept 3rd: GDX has had a huge rally and breakout from the symmetrical triangle on the 60 min and daily charts. 

In the short term this move has been very impulsive and is a wave 3, this is also supported by the lack of NO negative divergence via the MACD.  A pullback should occur soon, but it will be a buying opportunity to load up long again becasue GDX should have another move up again i.e. wave 5.  The daily triangle measures to about 48

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