GDX, UCO update June 21

GDX: Has likely topped. Price moved into our ideal red wave iv target zone, made a new high and is since on the decline. The large S/R zone resides around the 38.2-50.0% retraces, typical for a wave 2 or b-wave. We expect price to drop into this zone ($20-$22) and the stage the next rally. We’ll monitor the price action close when that drop into the S/R zone happens for a real good buy signal.

GDX DAILY

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UCO: Has likely also topped as it hit the right Fib extensions. We do, however, have to content us with an ideal A.I. buy signal (green solid vertical arrow), suggesting further upside. But due to internal price overlap in the advance fro the early april low to early june high a bounce is more likely. We expect new lows eventually.

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