Target is the dotted line. Patten invalidated if price rises back above Point 5. Note: Wave 5 is supposed to overshoot the trend line from 1-3. We'll see how this plays out.
Showing posts with label Wolfe Wave. Show all posts
Showing posts with label Wolfe Wave. Show all posts
Monday, October 25, 2010
Tuesday, July 14, 2009
$$ Poised for Breakout?
As seen in the chart below, $GDX is on the verge of testing an old RSI bear divergence line. Often when bear divergence lines fail, price can accelerate upwards.
In addition, $GDX has completed a 5-point Wolfe Wave bullish descending wedge and has started to move upwards. As explained in the chart, the Wolfe Wave has both a price and time target. Price is forecast to hit the 1-4 line about the time the 1-3 and 2-4 lines bisect.
In other words, if the RSI bear divergence line fails, I would not be surprised if $GDX goes to ~$43 by ~end of next week in accordance with the Wolfe Wave.
For more chart analysis, see my Public Chart List at Stockcharts.
In addition, $GDX has completed a 5-point Wolfe Wave bullish descending wedge and has started to move upwards. As explained in the chart, the Wolfe Wave has both a price and time target. Price is forecast to hit the 1-4 line about the time the 1-3 and 2-4 lines bisect.
In other words, if the RSI bear divergence line fails, I would not be surprised if $GDX goes to ~$43 by ~end of next week in accordance with the Wolfe Wave.
For more chart analysis, see my Public Chart List at Stockcharts.
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