In the post below I show a follow up to your GDX Renko Mechanical System which is now up 12%! Here's a link to that post.
Otherwise let's take a look at the Gold Stock Indexes and ETF's
$HUI - Chart Link - The first chart shows a weekly chart of the HUI gold bugs Index, as you can see it bottomed exactly at the measured move of the pattern. This is a chart that we discussed in early May in our Newsletters.
GDX - Chart Link - The second chart shows you a 60 min chart of GDX (gold miners ETF) as you can see there was a well-defined inverse H&S pattern, on the chart I show the price targets to this pattern. Also notice that the broken downtrend line held as support on the pullback earlier this week.
GDX - Chart Link - The third chart shows a daily chart of the GDX, as you can see the broken downtrend lines gave nice long entries - especially the GDX/GLD ratio trendline. Notice how the pullback earlier this week found support exactly at the broken downtrend line, that was a low risk buying opportunity. Also as far as an Elliot Wave count this move off the lows is either an ABC with today's move being wave C, or a more bullish 5 wave uptrend with today's move as the start of wave 3.
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