Good News in GLD / GDX

We exited NUGT long last Friday to preserve gains of +40 and +50%, I see GDX (gold miners) and NUGT (3x long gold miners) as well as gold, as being in a very late stage base, and likely after a pullback they'll both move to early stage 2 mark up, for you trend traders, typically this is where the easy money is and usually about 70-80% of the trend, I think both are going to see at least intermediate trends up which could turn in to full-blown bull markets and the best thing is no one on the retail end has noticed yet, as the market comes down, they'll be piling in to these assets as they see they are the only ones moving up so we are positioned PERFECTLY to get in on the ground floor of a major trend in response to inflation which will give the market and the economy a lot of trouble. I'd expect there to be even larger institutional sponsorship than what we have already been tracking in at least a year long base.

The good thing is we were looking for a pullback as both badly need it, that's why the NUGT position was exited last Friday to preserve those gains, we left 6% on the table, but ultimately may have saved +40% in gains, it looks like yesterday's late day sell-off in miners and gold to a lesser extent was the start of the pullback as GLD is down about a half percent this morning and GDX which I believe will lead gold as it use to before the F_E_D started messing with the market (as they exit), is down 1.13% so far, it's the start I was looking for.

Unfortunately we didn't get those GLD puts, but there may be a counter trend intraday bounce that allows us to, either way, that's not the big trade.

 GLD 2 min leading negative yesterday before the late day sell-off, this is more pronounced in junior gold miners and GDX.

 3 min leading negative yesterday in GLD

 The larger 5 min negative which is part of the reason we exited NUGT which I'm fine with, the money would have been at risk for an additional 6% (2% in GDX) on top of +50% gains, it's just not worth it.

, note how sharp the leading negative became in to the last 2-days.

I suspect $USD strength recently had something to do with that.

 The big picture, GLD 60 min with a year long inverse H&S base (volume confirmed) , this is the far right shoulder, note the head fake move, it doesn't look like anything special here, but on a daily basis, it is noticeable , it is the best entry and lowest risk and it came just before the upside reversal as they almost always do.

3C is leading positive and there are much stronger charts.


GDX 2 min also very negative in to yesterday with the late afternoon sell-off

GDX 2 hour shows the nearly year long inverse H&S base and huge accumulation, note the head fake move, you can see it above in GLD, it looks much more impressive on a short term chart like the GLD 60 min above, but this is an essential concept and timing indication, also an excellent entry, like SCTY's short, except this is a long head fake move to the downside.

The red trendline is the neckline of the major base so we are VERY close to a breakout and stage 2, trending stage.

I'd set alerts for the <$122-$124 area for GLD's pullback and <$25 for GDX's , we will be able to confirm accumulation in to the pullback just to make double sure before we re-enter them as longs, but with charts like this, I'd say there''s a 90+% chance the accumulation during a constructive pullback will be there. The gaps should be filled.

When we have the 3C signals for a long and perhaps a head fake move on the pullback, I intend to go back in full size in NUGT, perhaps GDX calls and look at GLD, but I think miners will lead gold.