GDX - Weekly Chart Cycles
- The longer cycles from the weekly chart are pointing down.
- So, a potential bounce suggested by the daily cycle composite is likely a counter-trend move.
- I only trade counter-trend moves when I watch the instrument daily and have a reliable EW count, and possibly scalp when I get cycle price projections.
- But as a general principle, one should look to take position when both daily and weekly chart cycles point in the same direction.
