Today’s analysis will be simple and totally different. We are just 5 days away from printing the monthly and quarterly candles and I want to share the perspectives of these candles.
If GDX does not close December above $31.97, the quarterly odds will remain bearish.
Just one fact. Two weeks ago, the PSAR flipped bearish. This event happened only twice before – in Q3, 2008 and in Q1, 2013.
Based on the 4-month candle formation, the bearish odds are higher and will remain so unless GDX closes December above at least $33.52. This would require a 7% rally from the current price of $31.30. Is it feasible?
I charted this long term forecast in November 2020. It is still intact and no event suggests a change.
We will see how GDX closes December. We know what $GDX needs to do. The question is about probabilities.
This analysis is part of the series of Weekly Analyses that our service provides on:
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