AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
138 6 3
Today's pullback below 27.70 has invalidated my former green count on a micro level. I've adopted this revised green count (formerly shown in blue) which actually has higher targets in waves 3 and 5 of (1). Unfortunately this weakness has resulted in some short-term pain...

Technicals ( MACD , Stoch RSI ) looks coiled for another rally, but I'm waiting for price to signal a reversal out of support. I'll follow up with a shorter time frame later.
Closer view showing rationale for the change in counts. Relatively small price change had ramifications all the way back to the low in Jan, but doesn't change the overall bullish picture.
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It is possible that green ii is going to end with OML as shown in the white sub-structure here. Also possible to see a (b)-wave bounce followed by more weakness (shown now in green). OML would, however, satisfy the price objective and could be used for an aggressive long entry. Better to wait for 5 waves up followed by a corrective retrace. Better still to wait for the top of the 5 wave structure to be taken out. (Note, this supposed 5 wave structure hasn't formed)
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Why do I post 5min counts?
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Jv200909. nick.holland78
4 months ago
Thank you!
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Overlap white with wave 1 puts OML in 5 of (5) of (c) in question, at least as the impulse depicted here. Can also count 5 waves up off the low which MAY not be complete. Will be watching for a retrace for a long entry with better-defined risk-reward.
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Jv200909. nick.holland78
4 months ago
Nick, we need a new 5 min road map.
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