Here’s the current (Monday ..90 minutes in) TrendX view of GDX. While we were tempted to cover our short position on Friday we stuck with it after much hand wringing and our faith was rewarded this morning. Notice the reversed position of the pc (yellow) signal line, it now aligns with price action (previously an inverse). The flagship TrendX(12) signal remains downslope, which is in conflict with the Z signal.
At the same time we have reached the low 55s in price, an S2 support level that’s been reliable for over a year. There is a possibility that we get a quick drop to the 52s… the longer term S3 support level… although the more likely scenario is a dip to the 54s. Nevertheless, GDX did hit S4 this morning and although the NYAD is flatlined at .17 (bearish) I’m taking half the position off this morning to lock in some gains and wait to fight another day.