Wednesday, October 25, 2017

Oct 25, 2017

My current projection suggests a possible very short term support at 2553 today followed by a rally to 2571 by Friday.  The 57 TD low (last seen July 6) is due Thursday Nov 9 near 2499, the 50% retracement of the rally from August 21.

GDX is in TD 17 of the 16 TD low and positively diverging.  We may be in a sideways bear flag. IF so, we may see X here then Y to the upside a couple of weeks down the road.

Update: 11:35 AM EDT: A move back up to cover the gap at 2569 by Friday is in the cards. From there, down to the 2495/99 area seems logical by Nov 9, the 57 TD low (last seen on July 6 from the April 13 low).