AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
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The daily chart still looks quite bullish despite today's pullback.
IF price breaks below 27.70, I'll move to the alternative blue count as long as a corrective structure holds over 25.17. Impulsive breakdown will have me on guard for other scenarios not presented on this chart.
I've updated my previous 30min idea with a 15min chart indicating overhead resistance and the 27.70 invalidation for continuation of the green count as shown here.
Here's a closer look. The (a)-(b)-(c) of blue ii is but one possible interpretation on how a deeper pullback might work out. Retraces since January have been shallow, so no guarantee 25s will be seen even if the blue count prevails.
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Hi Nick, do you have a long term chart on GDX? I suspect this rally since last December is still counter trend rally. Wanted to see how you label long term GDX if you have one. Thanks!
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Hang on.
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Posted idea.
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Possible yesterday's rally is complete, but won't be confirmed until resistance is taken out impusively. Corrective rise above resistance will have me on guard for wave (b) of alt ii into the 25s. I lowered resistance after the late dump yesterday.
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Here' the micro I'm watching. Gonna take a clear impulse to convince me the recent correction is complete.
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Micro counting is always dangerous but needless to say resistance lived up to its name today. Set-up is still there for a clear impulse higher...or for a retest of yesterday's low.
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Jv200909. nick.holland78
Nick, what does the red arrow mean?
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Immediately impulsive count invalidated. The blue b-wave is still valid, although deeper than I indicated. Double bottom for green wave iv provides opportunity to reset impulsive counts. Below 27.70 and I'll elaborate on other possibilities. (Really need to get out of the micro 5min counts...)
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preview of my expectation IF 27.70 is breached. See blue ii I mentioned last week...
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BTW, that higher (b) is possible, but not necessary. I could be off by a degree on the sub-waves and (a)-(b) have already completed.
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