A Major GDX Bottom in Progress?

The enclosed big picture of the Market Vectors Gold Miners ETF (GDX) suggests strongly that the price structure is attempting to carve-out a significant double-bottom low in the 22.00 area.

That said, however, the GDX must climb above 31.35 to confirm the double bottom, and to trigger projections into the 38.00-39.30 target zone.

Given the "up-trend" that has developed in weekly momentum, my suspicion is that the GDX is transcending from a "short the rally" market into a "buy the weakness" market, unless of course, 22.87-22.21 is violated.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!