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I may at times discuss trades or trade setups, but this is meant to be purely a discussion point for entertainment and educational purposes only.

Friday, January 6, 2012

GDX

Last night I talked about a short opportunity in GDX. 
As I look at an intra-day chart, I see only higher highs in momentum, despite what looks like a complete five-wave count. 
I would like to see a retest of the upper boundary of the channel on lower momentum.  Alternatively, if price can take out yesterday's low of 52.74, that will be a good enough indication of a turn.

Posted by Waverunner (FractalTrader) at 6:18 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))