How the Miners Will Signal the Next Leg Up

The following daily GDXJ shows it’s been pulling back since August 5 when it gapped up but closed below the open.

Hit & Run members sold virtually all the balance of their precious miners into that spike.

In fact, every turn up of its Daily Swing Chart since the August 5 peak has defined a pivot high, an indication that the Line of Least Resistance is down.

However, yesterday GDXJ approached its 50 day line for the first time since exploding off it on June 15.

It coincided with a test of the last swing low from August 11.

Consequently, I tweeted to take a starter long swing position on the Hit & Run private Twitter feed.

We took a pilot position because although there is a setup, there is no confirmation of a turn at this point.

We were filled at 55.52.

GDXJ went out at 56.90 at session highs, leaving a Lizard buy signal. This is a new 10 day Bottoming Tail, a new 10 day low with the open and close near the top of the day’s range.

What I am watching for here is to see if there is follow through above last Friday’s low of 56.59.

Why? Last Friday GDXJ turned the important 3 Day Chart down for the first time since the high.

It was the first turndown in its 3 Day Chart since July 30, which defined a low.

It is the behavior subsequent to a turn in the 3 Day Chart that is part and parcel of my Swing Method.

Near term resistance now ties to the 60 region where a trendline from June and the declining 20 day moving average intersect.

Breakage above 60 that is sustained opens the door for the next leg up.

Summary. You may not “believe” in the metals conceptually, but you shouldn’t let that dissuade you from trading them. Since the big low in AUGUST 2018, Hit & Run has taken more points out of GDXJ swing trading it than its selling for currently.

That’s just GDXJ. Members have locked in superior gains in miners, FNV, WPM, PAAS, AG and GOLD trading their shares as well as calls.

Whether the miners have more work to do or not, the next upleg in the metals is going to be explosive.

We’ve done a good job navigating and timing the metals.

This is one of the benefits of subscribing to the Hit & Run Report and pinpointing their entries and exits on the fly on the private Twitter feed.

Pos GDXJ

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