I’ve zeroed in on a smaller corrective pattern to produce two potential buying levels above the 25.22 target we’d been using for this purpose. The new pattern has two things going for it that the old one did not: 1) a point ‘B’ low that exceeded an external low to the left of it. (I’ve circled the low to show this); and, 2) a fetching one-off point ‘A’. Together these factors make p=26.47 an enticing place to try to get long. Do so by bidding 26.49 for 400 shares, stop 26.36. I am not suggesting call options at this time because the holiday-shortened week will take a toll on time premium ahead of Friday’s expiration. Stay tuned to the chat room just the same, since I may change my mind if the options look like bargains. ______ UPDATE (Nov 25, 2:05 p.m. EST): The trade was stopped out on the so-far low tick of the day for a $52 loss. Second try, good till canceled: Bid 25.47, stop 25.39. GDX could still turn from p2=25.96, shutting us out of the trade, but I’ve lost my appetite for bottom-fishing this brick unless the odds are very strongly on our side. _____ UPDATE (Nov 30): Cancel the bid, since GDX has been pretty squirrely lately. If we attempt to get long, it might be via an rABC set-up, so stay tuned to the chat room if you care.
GDX – Gold Miners ETF (Last:27.08)