Here are ONE DOZEN negatives I see in-GDX, and why I feel this-ETF is a sell:
1. Sell Fractal in effect (red rectangle on chart).
2. Alligator jaws opened in tandem with sell Fractals. Alligator feeding in down-trend. THIS IS YOUR DIRECTIONAL COMPASS.
3. Chop indicator (under chart) is well above the 38.2 shaded area. This indicates a ZERO trend and, at best, sloppy action with a downward bias.
4. Phase energy (lower top indicator) is below the zero line.
5. DMI-top indicator-is bearish.
6. Prices are trading UNDER the Ichimoku Cloud . This is a sell signal.
8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud . This is a sell signal.
9. Prices are trading below the thick red Ichimoku Cloud conversion line. This is a sell signal.
9. The red Ichimoku Cloud conversion line direction is heading lower. This is a sell signal.
10. The Ki jun-Sen baseline of the Ichimoku Cloud direction is heading lower. This is a sell signal.
11. The CHOP ZONE indicator (under chart) is red, indicating a down trend.
12. The middle top indicator is a forward projection as follows: For an estimation of possible FORWARD TRENDING I use the Ichimoku Cloud Senkou Span A (Leading Span A): (Conversion Line + Base Line)/2)). This is the midpoint between the Conversion Line and the Base Line. The Leading Span A forms one of the two Cloud boundaries. It is referred to as "Leading" because it is plotted 26 periods in the future and forms the faster Cloud boundary. I then make an oscillator out of this and plot the progress up and down around a “zero line”. Currently the forward projection is VERY WEAK.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-GDX IN THE TOP MIDDLE INDICATOR. IT IS VERY NEGATIVE.
Based on the above 12 indicators, I feel GDX-is heading lower. Good luck to you in your trades. Don.
1. Sell Fractal in effect (red rectangle on chart).
2. Alligator jaws opened in tandem with sell Fractals. Alligator feeding in down-trend. THIS IS YOUR DIRECTIONAL COMPASS.
3. Chop indicator (under chart) is well above the 38.2 shaded area. This indicates a ZERO trend and, at best, sloppy action with a downward bias.
4. Phase energy (lower top indicator) is below the zero line.
5. DMI-top indicator-is bearish.
6. Prices are trading UNDER the Ichimoku Cloud . This is a sell signal.
8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud . This is a sell signal.
9. Prices are trading below the thick red Ichimoku Cloud conversion line. This is a sell signal.
9. The red Ichimoku Cloud conversion line direction is heading lower. This is a sell signal.
10. The Ki jun-Sen baseline of the Ichimoku Cloud direction is heading lower. This is a sell signal.
11. The CHOP ZONE indicator (under chart) is red, indicating a down trend.
12. The middle top indicator is a forward projection as follows: For an estimation of possible FORWARD TRENDING I use the Ichimoku Cloud Senkou Span A (Leading Span A): (Conversion Line + Base Line)/2)). This is the midpoint between the Conversion Line and the Base Line. The Leading Span A forms one of the two Cloud boundaries. It is referred to as "Leading" because it is plotted 26 periods in the future and forms the faster Cloud boundary. I then make an oscillator out of this and plot the progress up and down around a “zero line”. Currently the forward projection is VERY WEAK.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-GDX IN THE TOP MIDDLE INDICATOR. IT IS VERY NEGATIVE.
Based on the above 12 indicators, I feel GDX-is heading lower. Good luck to you in your trades. Don.
