An hourly bullish shark
pattern offers a rise possibility for the gold
mining stocks ( GDX
). If this evolves into a 3rd wave type advance, then a target around 18 (actually 16+0.618x(16-13)=17.85) could be possible (covering the period that leads towards the FOMC meeting at 16-17 September). After the completion of this reaction, the declining trend is expected to resume with an anticipated low target anywhere between 8 to 10.