GDX: CANDLES SPEAK: 15.03.2021

Today GDX closed making a powerful statement. A strong daily bullish candle and a 8/20 EMA bullish cross together are shifting the odds strongly in favor of bulls. RSI and other indicators also support the rally.

The 34.35 weekly target for this Friday that I identified in my weekly analysis yesterday looks very feasible right now.


I am viewing that GDX has completed wave 1 as a diagonal, retraced 0.382 in wave 2, and is currently working in wave 3. If these assumptions are correct, I am expecting:

  1. GDX to reach 35.50 – 36.10 in the next couple of weeks.
  2. Time targets are based on the channel projections: March 24 – April 6. This would depend on the channel the stock is going to take. Currently I can determine two channels with approximately equal probabilities. The next few days would be able to provide more guidance.
  3. While I could discuss the next targets for waves 4 and 5, let’s take one step at a time and get the wave 3 done first.
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