Our Live Trading Rooms Bring Together Thousands of Traders from Around the World!
GDX (Gold Miners ETF) Update: My preferred scenario remains viable. As long as any strength is contained beneath resistance at 102.39 (last week's March-April rally high) and 103.40 (my line-in-the-sand technical resistance level), my pattern and momentum work indicate that GDX is vulnerable to a bout of weakness that presses the price structure toward a retest of the March corrective low-zone from 85 down to 79, prior to my expectation of the emergence of a new, powerful advance... Last is 94.97-95.08...
Today, we saw the market continue to push higher, with the SPX moving into new all-time high territory and the ES not far behind. To say this has been an impressive move off the lows would be an understatement. The ES has now rallied more than 11% in just 10 trading days, an aggressive move by any standard.What makes this even more notable is that it comes on the heels of significant fear and uncertainty near the lows. It’s safe to say that the vast majority of market participants were not positioned for, nor expecting, this type of upside extension.
I am putting this report out a bit earlier than normal as things have begun to swing a bit more towards the blue count.If I may remind you, that would mean that if we are to see a 5th wave rally in the coming days, then it would provide a 5-wave structure off the recent lows, which then opens the door to the blue c-wave rally seen on the daily chart pointing us to 8000 and potentially a bit higher.But, before I go into the bigger picture, I want to follow up on the analysis from yesterday.
Our Technical Analysts Share Their Expertise 24/7 on a Vast Range of Markets!
