GDX - Pitchforks and Algos - who will win?

10 ago 2023

GDX has a fairly clean set up if one looks deep enough. If Algos and pitchforks are the best plays in trading then you've come to the chart for you. Some simple insights for anyone interested. Algos - sell side algo is active and suggest a target of less than zero -$0.74 ish, buy side algo suggest one of those red lines above will get tagged. Pitchforks say that the median line has an 80% chance to get tagged once defined, and if this does not occur a move equal to or greater than the last pivot will occur. IMO, the sell side pitchfork median line will be very hard to achieve, hence the higher targets for GDX, but not after it completes another 5 waves down into this buy side algo (this second tap should give it the fuel it needs to get to that white zone (which aligns with the last pivot for the sell side pitchfork) and it could give it enough juice to make a nice double top for GDX before it heads towards $12.40 or lower. Some EW on the chart too. Yellow region gives me the thought to go higher as it is tough to get a motive count from it. Could also be setting up an EW 1:2, 1:2 off the lows, but that is very low probability atm. GLTA!