Today was, undoubtedly, the most entertaining closure of GDX from the candles perspective. Let’s explore the hypothesis from the different time frames and different angles.
The August candle was a standard bearish continuation candle that managed to close below July low and below 20m EMA line. The lower wick was not long enough to consider it a bullish reversal candle, however, it might cause higher prices at the beginning of September.
The majority of indicators still point down. If GDX in September closes above $35, this would be bullish (very low odds at this point). Every other closure would be bearish.
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