GDX, UCO update February 16, 2016

GDX: By focusing on less stocks we can provide more updates providing a better service. Here’s GDX. Counts well as having completed 5 waves up for either major 1 or a. Price reached a little over the 200% extension of 1, and should now fall back to the “4” region.

GDX

If we look on a “regular chart” we can see the negative divergence on the RSI5, and a starting A.I. sell signal (all 3 lines making up the A.I. are now pointing down at the same time). The 50-62% retrace is at 15.59, 14.82 and right around this month’s daily S1 level (15.44) and next month’s (14.82). Price may want to close the early february gap, which is right around that level. Expecting major 2/b to be a zigzag. so patience is required to next get suckered in to the intermediate b-wave of major b wave ..

GDX DAILY

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UCO: So far UCO is unable to break out of the upper descending trendline in place since May 2015 (!). This means that once it does break out, it is serious business and the trend has then truely changed. You’ll be the first to know :-). For now, we track price as having completed wave iv of the last 5th wave down of a either a 3rd or c-wave. Hence, at least a bigger bounce to at least $50 should then be in the making. Until then, wave “iv?” has not overlapped with wave “i/a” keeping the i,ii,iii,iv count alive. In that case we expect UCO to bottom at around $4.90

UCO