Gold/Silver Stocks: A strong reversal seems imminent

I see a tradable cycle low is triggered in the Precious Metals Universe on Thursday, as the current downtrend lows of the gold and silver futures contracts were reached exactly 89 daily candles after their probable final highs for the year.

For the GDX and GDXJ Gold Miners ETF`s, the weekly downtrends that began at their likely final highs of 2022, also provide a potentially very important inflection point in terms of the time factor as the downtrend count stands at week 13-Fib number and the lows of the week have finally worked off naturally given weekly GUNNER24 Downtarget Support arc with 100% accuracy. Here using the GDX ETF as an example:

Within the weekly 5-Fib number Candle down setup of the GDX shares what starts measuring to the donwside at # 1 // 41.60$ // 2022, the year low (24.92$) arrived with utmost accuracy at natural downtarget support of lower line of 1st double arc.

Thus, we recognize that the price factor of the natural downtarget of the lower line of 1st support now unites with the time factor, which is the downtrend week # 13, and this allows, in fact, to predict an imminent trend reversal!

Further allowed - BULLISH! - considerations from this prominent W.D. Gann price/time occurence are:

1. Actually we observe the next intermediate downtrend cycle lows.

2. It is allowed and maybe even plausible that we just experience the final lows of this year!

3. We have to wait and see how a bounce could develop!

A developing „normal weekly bounce cycle" should at least be able to retest the yearly resistance horizontal at 28.90$ from below:

==> Shortterm bounce uptarget at 28.90$!

Perhaps a stronger weekly bounce cycle regarding price and time will even be able to reach or retest the first square line main resistance upmagnet at 30.50$ within 5 to 13 weeks.

==> Maximum possible weekly bounce uptarget seems to be the yearly 30.50$ horizontal resistance.

Clearly, it would be future very bearish IF the 1st double arc support environment fails to give main support in the further course of the summer. Then the year lows are expected to be sealed towards the end of 2022, maybe at the round 20$ or so.

I would like to analyze this Bigger Picture setup below. With this we can probably best estimate what the true intentions of the GDX could be or will be. It provides the explanation for why we are even witnessing the final lows of this year in the Gold/Silver Stocks Universe right now:

The main up setup of the GDX on monthly, which is already very valid at first glance, starts at the # 1 // Bear Market Low of 2015.

The final high of the subsequent bull market in course of August 2020 spiked perfectly into the natural upside target of the lower line of 2nd double arc. Also the high of this year found its main resistance there at this negative energy magnet.

Thus, the two most important highs of this DECADE arrived nearly perfectly at the main resistance of the lower line of 2nd. Thus, both the lower line of 2nd, as well as the entire future space of this double arc is extremely well-confirmed falling DECADE resistance.

All important course lows - a series of lower bear market lows! - after the 2020 High of the bull market are released by the light-green highlighted downward-oriented bullish support space of the 1st double arc. Thus, the 1st double arc is a perfectly confirmed backtest support magnet on monthly low and monthly closing but also on yearly closing base.

The falling 1st double arc space acts as a downward oriented strong yearly support. It radiates unusual strong backtest support energy and this is the main reason why the next important annual lows shoulda/coulda be due here in course of July 2022. Or?

Mainly because the 2022 lows are again very close to the bull market main support energy emanating from the 1*2 Support Gann Angle. This important future GDX ETF support rail might be tested to the T for the second test (first successful backtest is highlighted with the phat dark-green support arrow), but does not need to be addressed yet, simply because the 1st double-arc support has been successfully tested more times than the future bull market main support of the 1*2 Support Angle.

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Be prepared!

Eduard

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