Elliott Wave Analysis of Gold Miners ETF (GDX) by Sid from ElliottWavePredictions.com

GDX weekly 10-22-13

GDX daily 10-22-13

GDX 240m 10-22-13

GDX 45m 10-22-13

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.