We’ve featured this weekly Gold Miners (GDX) chart since the LO was marked the end of the decline a week or two ago. That led to a buy as investors take some insurance positions.
Again should Trump lose, will that enhance or hurt this position? If you’re just following the signals generated by the LO’s completion you have to go with a long position until stopped-out.
Our proprietary HI/LO indicators represent existing trends that may weaken or even reverse. Possible actions include closing an open position or even reverse especially if market is at extreme levels as measured by Relative Strength Indicator or similar.
Daily charts indicate short-term views and actions while Weekly charts indicate intermediate views. Long-term views are indicated by Monthly charts.
There is no guarantee these indications will pan-out but we do believe, based on experience, outcomes are likely to happen.