Elliott Wave Analysis of GDX (Gold Miners ETF) by Sid from ElliottWavePredictions
Elliott Wave analysis of GDX (Gold Miners ETF) by Sid from ElliottWavePredictions. Click on the chart twice to enlarge. GDX looks to continue lower, with the next large-degree Fibonacci target at 18.50 (where blue C will equal blue A times 2.618). The movement to the downside since September 2012 appears to be a 5th wave […]
Elliott Wave analysis of GDX (Gold Miners ETF) by Sid from ElliottWavePredictions. Click on the chart twice to enlarge.
GDX looks to continue lower, with the next large-degree Fibonacci target at 18.50 (where blue C will equal blue A times 2.618). The movement to the downside since September 2012 appears to be a 5th wave within an expanding ending diagonal. Wave 5’s within expanding diagonals are generally quite aggressive, typically ending just before reaching a trendline extending from the extremes of wave 1 and 3.