$GDXJ analysis Weekly

Looking at the weekly chart of the $GDXJ, I wanted to see how low this could go in case dollar rallied. I think the red rail could provide support… if not it could go all the way to the black thick rail… also i have drawn the black dashed Wolfe wave that could be long term target for a bull case after this drop…

Precious Metals Forecast $GDM $GDX $GDXJ 1

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Few summary points before diving into the markets. First off, Gold has built lot of structure below 1250 that would be hard to break. USA Stock markets are getting ready for a 6-8 month bear waterfall action that should get everyone bearish in to 2018. Also Northkorea fears are putting in a floor for precious metals.

Dollar is weak and still may give a head fake bear rally before collapsing into next year. Remember that nations like china, Russia are trying to move away from dollar and that itself is going to cause weakness. Moreover, the political climate is not that calm as you know and that the markets don’t like that. So my expectation is that gold will be moving higher after a test. lets dive into the charts.

$BTX – biotechnology index has nicely turned down at the fork median line. i expect more downside.

Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 1

Nasdaq is also rolling over and its going to go down fast and furious once it gets started here shortly… red dot is my target..Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 2

Dow targets red dot zone shown per the monthly charts…this should mature in the next 6-8months…typically it takes 6months for most to turn bearish…Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 3

Transportation index is back in line and dropping…Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 5

QQQ combo chart below shows some important trend lines…remember down is the trend per the charts…Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 7

long term qqq shows how it could play out…Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 6

Oil is reaching again resistance and i will be posting as we get near. we were lucky to be able to get out on time with nice profits inthe simulated portfolio. I am looking to go short here soon…Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 9

my expectation for the oil is as below…once it interacts with the black rail, i can decide…Precious Metals Forecast #BITCOIN $GBTC $GDXJ $JDST $GLD $JDST $DWT $SPY $GRZZX 8

Silver thought pattern shown below…down is the trend for the next two weeks at least is my guess…

Precious Metals Forecast $GDM $GDX $GDXJ $SLV #SILVER 5

Mining index is back in line in gdm chart below…Precious Metals Forecast $GDM $GDX $GDXJ 1

The most important chart is this monthly GDM which is showing a similar pattern as it did in Dec 2015… It would be good to see a FBO of that fork and then rally hard just like it did in early 2016,,,my pattern is shown by the black arrow…Precious Metals Forecast $GDM $GDX $GDXJ 2

Next chart shows potential important trendlines…Precious Metals Forecast $GDM $GDX $GDXJ 3

another view of the gdm charts…if gdm breaks the median line below then our prediction will be nullified…Precious Metals Forecast $GDM $GDX $GDXJ 4

GDX below shows my two thought patterns based on how aggressive of a rally we get in dollarPrecious Metals Forecast $GDM $GDX $GDXJ 6

another chart of GDX shows the critical nature of this weeks action…my expectation is down…Precious Metals Forecast $GDM $GDX $GDXJ 7

Gold bounced off the 1307 area and now could test that red rail…Precious Metals Forecast $GDM $GDX $GDXJ 8

Another view of GDX shows my thought pattern…Precious Metals Forecast $GDM $GDX $GDXJ 9

That’s it for this week and lets hope for the best..

Krystar for PMF…

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