SHORT: Short term GDXU 2X pull back, is it now time to go GDXD
I've laid out the major run ups and pull backs. The last 3 run ups have lasted 219 - 237 days. If the last peak was put in by GDXU it would put it at 225 days. I'm looking at this as a potential repeating pattern. Note the GDXU run ups based on a % gain from the bottom, assuming, the most recent peak was the final high in this run up. The run ups were +241%, +270%, and +279%. The run up also reasonable for the peak.
Big question, what about the draw downs. The last 2 have been -54%, -42%, and-60%. In GDXD, the inverse gold miners ETF 2X levered resulted in a gain of +90%, +58%, and +95%. The run up on the inverse side lasted 53, 20, and 22 days. GDXD is currently up +13% in the last 7 days.
Take aways, reduce/eliminate position in long GDXU and wait for a better buy in position and potential upside in the inverse gold miners etf.
Big question, what about the draw downs. The last 2 have been -54%, -42%, and-60%. In GDXD, the inverse gold miners ETF 2X levered resulted in a gain of +90%, +58%, and +95%. The run up on the inverse side lasted 53, 20, and 22 days. GDXD is currently up +13% in the last 7 days.
Take aways, reduce/eliminate position in long GDXU and wait for a better buy in position and potential upside in the inverse gold miners etf.
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