GDX: Gold Miners ready to take off?

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The latest price movement suggests that we are likely setting up for a big move upwards as wave iii of ( iii ), which in Elliottwave theory is seen as the most impulsive of waves. If the GDX moves above $24 in an impulsive way over the next few weeks, we would then be looking at a target of $30 within the next 3-4 of months.

If, however, the price doesn't follow through and drops below $21, this would invalidate the count and imply that the correction from the August '16 high is not over yet, though this count is still less probable due to the recent i/ii set up which suggest a bullish move is in the cards.
Hi Eboard10, do you have some update on GDX? it seems like GDX didn't catch up with strong XAU, and yesterday it dropped with bigger volume. on the other hand, USD back to downward, and US stock market started to shake investors and target to be lower, which are good for Gold.
how do you evaluate updating?
Eboard10 lantao517
@lantao517, looking at the micro count, as long as we stay above the previous $21.75 low my larger degree count still holds. As mentioned above we need to wait for a couple of weeks to get a clearer view of the direction but so far the price is following the path I laid out in the OP.

Eboard10 Eboard10
Well, technically the count is still valid as long as the $20.89 (ii) low holds.
lantao517 Eboard10
@Eboard10, GDX is negative relative to US 10Y yield, and US 10 Y yield just break its downtrend yesterday and tend to move higher, as a result GDX may bear huge pressure to move down.
Possibly, Yield may toppish around 2.5%, from mirror, GDX may find bottom around $18.5 which is Dec low.
How do you think about it?
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