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Old 03-06-2013, 03:34 PM
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Mike Paulenoff Mike Paulenoff is offline
 
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Default Has the GDX Established a Signifcant Low?

The Market Vectors Gold Miners ETF (GDX) pressed to a new low into my preferred target zone of 35.90/30 prior to pivoting powerfully to the upside for what has the makings of a key upside reversal session.

That said, let's be aware that while the GDX is off to a good start, it will encounter huge initial resistance starting at 37.00, that extends up to 38.50.

If and when the GDX can claw its way above the 37.00-39.15 resistance zone, we will know that a significant near-term low has been established and confirmed.

Otherwise, this initial thrust could morph into the first recovery bounce within a basing period (35.50-38.50) ahead of the establishment of a major bottom.
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