GDX.NYSE Hourly Chart Re Visited 10/12/2016.

This NYSE listed Gold Miners ETF is still stuck in a trading range in its hourly chart. If I visit the next higher time frame Daily Chart ( not shown), the major trend is down, favouring a potential redistribution pattern trading range in the hourly. But, is it ? Until a decisive upside breakout or a breakdown with a follow through, which holds, no way of knowing which way any trading range may resolve itself. As chart readers, we may put all the weight of evidence on the table and let the price action guide us.

Lets look at the weight of evidence with GDX.NYSE now. Next higher time frame daily favouring a re distribution pattern which we should be mindful of. How about the trading range itself which we are analysing ? Looking at the last leg down, within the trading range, sellers are in control but lost commitment at the last two bars. OBV at the bottom window, despite the price action registering new lows is flat and there is no breakdown. Class B divergence which may be read as some positive bias favouring bulls.  

I will not guess as to which way the price action may be headed but wait for it to guide me, UP, DOWN or continue further in a trading range.

gdxnyse10122016

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