GDX and XLE update

GDX: charts are still not entirely clear if the low is in. Price appears to be forming an ending diagonal, which will lead to an explosive move to the upside. The ideal target still remains around $10, and price does need to clear the upper trendline first before the GDX bulls can declare any victory. until then the trend in fact remains down.

gdx

 

XLE: I can’t get very bullish about XLE. Price targets remain lower, and bounces dissapoint. The purple arrows show overlap of the yellow and red Fib-extensions of the yellow and red waves (major and intermediate degree): $54, $47 and $42 are these targets. A break above $84 will mean the low has been struck, but the charts suggest further downside. Bad for XLE, good for your gasoline bill 🙂

xle