Junior Miners (GDXJ) Short Closed
The updates in the Silver & Gold section of this site provide ample data on why a short position in the junior mining index (GDXJ) was pursued at this juncture.
Note that a large gap has formed. There may be an attempt to close this gap over the coming days or weeks.
Reviewing the chart we see that obviously the gain could have been larger. However, at the same time this trade was opened, price action in the biotech sector was being monitored as well
Gold and silver have some inherent value. The equities in the biotech sector are (to paraphrase David Stockman): ‘two trillion dollars of bottled air’.
So, the focus is on the bottled air for continued downside action.
That sector (biotech) is currently following a Fibonacci time sequence that is a topic for a separate update.