GDX / NUGT / DUST Update

I've had quite a few emails today about GDX / NUGT so I thought I'd show you what I'm seeing and why I'm holing off for the moment.

One of the things that bothers me and is difficult to show without showing 6 charts of 3 assets (18 charts) is the lack of confirmation between GDX, NUGT and DUST, they usually have excellent confirmation. The other area of some concern for a new long position is the intermediate charts for GDX... they don't confirm with short and long term charts, ironically this is where DUSt and NUGT do show confirmation with GDX so I've taken a patient approach as these can be traded for 1 or 2-day trades, but I'd much rather catch a nice swing and even with the short term trades, the signals have to be strong and have excellent confirmation.

First GDX...

 This daily chart of GDX shows several interesting features like a head fake move on a daily bullish hammer at the yellow arrow and a trading range right under resistance.

On a 60 min chart you can see the range a bit more closely.

 There's little doubt in my mind that GDX is very close to being ready for a big move to the upside as I have recently talked about as far as a base area, this leading positive 60 min is just more confirmation.

However at the range, this 10 min chart is troublesome

As is this 15 min chart, they look like they want to see a short term pullback

This is NUGT on a 30 min chart, again I have little doubt a big move to the upside is very close, but...

On the same 10 min chart in the same range area we have the same negative relative divegrence.

 The 15 min chart shows the same like GDX.

 And the intraday 3 min chart is lagging price.

DUST on the other hand is showing a positive 60 min divergence in that same range area! Also other timeframes...

 I have little doubt DUST sees some strong, trend downside as there's a double top in place on this 30 min with a stronger leading negative divegrence, but closer to home...

The 15 min chart is confirming the GDX and NUGT as DUST is the inverse of both GDX and NUGT. The 10 min chart is very similar.

So this is why I'm being a little patient with the assets, the range is becoming obvious so I'd guess some kind of shakeout will be forthcoming. If there's a DUST trade, I'll take it so long as there's strong objective evidence for it, right now I don't see that for the entry side of GDX/NUGT although I do see very strong longer term or bigger picture upside trend signals.