GDX weekly 5-16-13

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.

Sid
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