Miners rallied on Friday, eliminating one of my potential counts. Last week's high was either wave b in the green count. If so, 22.35 and 22.13 should fail to hold as support. The low 20s would be a strong buying opportunity. However, everyone seems to expect OML. SO....
My alternate count shown in purple has the 1-2, i-ii already complete. A shallow pullback should test the gap before seeing another high in wave (i). Wave (ii) support would be 38.2-61.8% retrace of this presumed coming high. A breakout over the presumed wave (i) high would be extremely bullish - placing GDX in the heart of a 3rd wave - and finally provide added confirmation the January low was THE LOW in a long-term correction. See longer-term charts for higher targets, or visit elliottwavetrader.net for expert analysis from Avi Gilburt and his crew.
(Disclaimer: I'm just an amateur who learned to count 1-5 pre-K. I learned Elliott Wave analysis from Avi.)
My alternate count shown in purple has the 1-2, i-ii already complete. A shallow pullback should test the gap before seeing another high in wave (i). Wave (ii) support would be 38.2-61.8% retrace of this presumed coming high. A breakout over the presumed wave (i) high would be extremely bullish - placing GDX in the heart of a 3rd wave - and finally provide added confirmation the January low was THE LOW in a long-term correction. See longer-term charts for higher targets, or visit elliottwavetrader.net for expert analysis from Avi Gilburt and his crew.
(Disclaimer: I'm just an amateur who learned to count 1-5 pre-K. I learned Elliott Wave analysis from Avi.)