Gold shares ETF GDX declined almost 20% in price from its highs and has rallied of late to reduce this decline to around 15%. Key situation is taking place for GDX in the chart below at (1)..
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I like picking up assets that are down 15-20% when the Power of the Pattern suggests that a low risk entry point is a hand! Right now GDX is testing the underside of its rising channel, AT RESISTANCE! Resistance tests that fail can be followed by sizeable declines.
Game Plan….Am looking to buy GDX, only if it proves to break back inside of this rising channel!