GDXJ - it's time to cut longs
In my update on GDX posted on 3 May 2019 I pointed your attention to a good LONG setup in GDX. I wrote:
“I can count that decline shaped as (a)-(b)-(c) as a large corrective wave B down of 3 up. That implies that the next move up may be the strongest part of the rally in a wave C of 3.”
Then GDX jumped out of the Green Target Box but later came back down to retest it again making a higher low.
GDX - daily chart updated on 5/7/2019
For two months gold miners have been rallying hard and here GDXJ is hitting my Red Target box. It is time to cut exposure to the sector. We will get another leg up after a corrective pullback down.
GDXJ - daily chart updated on 7/18/2019
