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MPTrader Mid-Day Minute
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| Tue Aug 19th 2008
Gold Miners ETF Decline Incomplete
By Mike Paulenoff, www.MPTrader.com Despite the 40% decline in the Market Vectors Gold Mining ETF (AMEX: GDX) since March, the gold miners ETF does not exhibit the pattern of completion and likely still will hit one or both of my optimal lower targets derived off of the massive top formation we see on the enclosed daily chart. Let's expect a bounce from the vicinity of 33.50, but thereafter another loop to lower lows into the 30.00-28.00 area to complete the Jul-Aug (Sept?) decline. Please note: With Mike on vacation, on our next Mid-Day Minute will be Monday August 25.
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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