Cycle View of Gold Miners ETF: GDX
Looking at the Gold Miners ETF GDX as a potential investment. Seasonally, PM's tend to bottom in July and December, but July didn't work out this year!
So the market is showing what looks like a descending horizontal triangle targeting the point 16.30 which would be a price drop from the end of the triangle equal to the height of the triangle. The implication being that PM's will bottom when the dollar tops in correlation to the USDCNY (the Chinese appear to be putting a floor under the market, buying at a certain support level, but they keep devaluing their currency with respect to the dollar).
Really could see this pattern morphing from a triangle to a running flat, and bottoming in December anyways... time will tell.
So the market is showing what looks like a descending horizontal triangle targeting the point 16.30 which would be a price drop from the end of the triangle equal to the height of the triangle. The implication being that PM's will bottom when the dollar tops in correlation to the USDCNY (the Chinese appear to be putting a floor under the market, buying at a certain support level, but they keep devaluing their currency with respect to the dollar).
Really could see this pattern morphing from a triangle to a running flat, and bottoming in December anyways... time will tell.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.