GDX

[Billy]

GDX started the new week, month and quarter by reversing at Daily R2 (54.57) which is also the lower boundary of an extremely strong first resistance cluster up to the most sturdy Yearly pivot (55.88).

The intermediate trend is undoubtedly strongly upward, but it would be normal that if GDX wants to pause and consolidate here at the start of 4Q it makes an orderly pullback to test the various new pivots: Weekly (52.94), Monthly (52.08) and maybe even Quarterly (49.78).

If the RT model triggers a short today, I plan to enter the trade with a stop above Daily R3 (55.02) and Weekly R1 (54.98). I would target Quarterly Pivot (49.78) only after a decisive breakdown below Weekly S1 (51.65) near last week’s low as it would also coincide with a failure at 20dma (not shown).
Billy