Elliott Wave Analysis of Gold Miners ETF (GDX) by Sid from ElliottWavePredictions.com
Elliott Wave Analysis of Gold Miners ETF (GDX) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge. It appears we have seen 5 waves up from the October 15 low in the GDX, and price has broken above the corrective trend channel that has contained price since August 27. My target for Wave […]
Elliott Wave Analysis of Gold Miners ETF (GDX) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.
It appears we have seen 5 waves up from the October 15 low in the GDX, and price has broken above the corrective trend channel that has contained price since August 27. My target for Wave 5 green is where it will equal the net travelled by waves 1 though 3 green at 26.38. That should be followed by a corrective pink wave 2, which will likely fill the unfilled gap that occurred at today’s open. Pink wave 2 is also likely to test the top of the (pink) upper channel line that it just broke through. My target for the end of pink 2 is between 24.22 and 24.63. That should be followed by wave 3 behavior to the upside.
Confidence in this count is high, because both my main and alternate counts call for the same exact movement until 31.35 is reached.