GDX: CANDLES SPEAK: 16.03.2021

In my daily update yesterday I mentioned that I am optimistic about the stock.
https://investingangles.com/2021/03/15/gdx-candles-speak-15-03-2021/

There was no change to my view based on the candles. I believe that GDX completed wave i of wave 3 and is pausing for a day or two to complete wave ii before resuming the rally. I marked the possible waves on the chart below.

My short-term projection has not changed and I am copying the section from yesterday’s post.

Forecast

  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.

My weekly forecast also stands:

  1. If this week closes above 34.35, the reversal of 7-month bearish trend would be confirmed.
  2. If this week closes with a green candle, but below 34.35, the confirmation is likely to be received one week later.
  3. If this week closes with a red candle, the odds would flip to the bearish side with possible continuation of the 7-month bear trend.
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