Gold Miners (GDX, NUGT, DUST)

You hear me say it from time to time with 3C charts, "This is the kind of chart I don't ignore".

When I use to spend hours every night flipping through 500 or so charts spending about a second to 2 seconds on each one before hitting the space bar for the next stock, I was looking not for probabilities, but "High Probabilities". Just because there's always a 3C signal of some sort, it doesn't mean that smart money is exceptionally active at that time and that's really where the highest probabilities are.



Charts like those to follow of GDX (Pick one, any one) were exactly the kind of chart that would restrain my thumb from hitting the space bar and I'd spend 30 minutes or so on that stock and usually entering a position, in other words, signals like this are rare, especially with almost every timeframe looking like this so I NEVER IGNORE THEM.

The recent GDX call is down 26% which isn't too bad for options seeing it can easily gain that back in a day or even several hours, so I'm not concerned about that, I'm imporessed with these charts and wwalking away from them on price draw down which is where a lot of accumulation occurs and then seeing an incredible move is the kind of thing I don't forgive myself for and I rarely take things out on myself as the market is the market, but that's a straight out mistake.

 GDX Daily Bollinger Band and a pop under the bottom band or a channel buster, these typically reverse quickly in the other direction.

 The 60 min GDX chart, a VERY strong timeframe with a large relative positive through the entire area since a break below support.

 30 min leading positive chart at the same area.

15 min leading positive at the same area and in to the last couple of days

10 min leading positive specifically today

Same with the 5 min

And the 3 min, 1 and 2 min look fine as well.

This is the 3x short GDX, DUST. The 5 min chart is leading negative.

I may add a long NUGT (3x long GDX) if the chart below makes a move before the close.

If this 3 min chart of DUT makes a significant new leading negative divergence, I may very well add a NUGT long equity position to the GDX calls.