AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
31 3 1
Additional insight into earlier hourly count. This is no complex to short in my view, and new longs are cautioned on supposed completion of minor wave 1. However, over 20.40 would be a strong indication of the alt 1-2 count, with wave 3 underway.

Wave 2 consolidation can take several forms, and may be shallower than indicated. Easing in on the initial (a) wave retrace is advisable.

A corrective pullback, followed by taking out the top of whatever presumed coming high, would be a high confidence trade suggesting the winter low was the completion of a multi-year correction.

Just my view.
Looks like a nano 4th wave to me. Could turn into another Ending Diagonal, too, which would take longer to complete wave 1 but should reach targets closer to high 23s, 24 region.
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GDX had broken down below initial support, suggesting wave 2 may well be in progress.
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Below 20, my expectation is that the blue box will be visited at a minimum. Breaking below the red line doesn't mean the rally is over, just that wave 1 off the lows is complete and wave 2 is in progress. My primary expectation at this time is that wave 2 is in fact underway, and I want to be long in this complex for the next rally which, imo as a 3rd wave, should be quite impressive. Corrective moves into support regions indicated, followed by an impulsive motive wave taking out the 21.42 high, will confirm (from an Elliott Wave probability standpoint) that a significant low was seen earlier this year.
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