AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
147 18 2
Update to earlier ideas. GDX             hit the 161.8% extension in the presumed wave iii             of ( iii             ) of 3. This morning's weakness looks like a wave iv of ( iii             ) pullback - and may not be complete quite yet. Below the red line and "Support" region I'm clearly wrong on the wave degree and will update the bigger picture. I expect pullbacks will continue to be brief and shallow throughout the 3rd wave.
GDX has broken below upper support. Below 27.70 I'll be real concerned for the immediate continuation of wave 3. Need be get back over resistance to convince me this mini-crash was the end of wave-c in iv.
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30.43 is the pre-market high this morning. Taking out 20.43/.45 with gusto suggests wave iv is done and (iii) of 3 is underway. I've lowered my red line a bit, allowing for a deeper correction in price. Below the 61.8% extension I'll elaborate on alternatives. On larger timeframes this correction is still quite shallow in the big picture. Just eating up option premium. Sorry my annotations are a bit cluttered, but this is what I'm watching for those interested.
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Jv200909. nick.holland78
Perfect! Thank you!
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Jv200909. nick.holland78
Beautiful gdx chart. Target for v on your chart at 27.90 and we bottomed 27.80.
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Nick, what is that red arrow indicates? Does it indicate a break of purple trend line gdx will go to the red support or even into the bolded white letters Support area?
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Indicates a break of support. I suspect we're in a 4th wave consolidation of some degree. Looks like a correction in TIME versus a correction in PRICE. I'll update again when resistance gets taken out in an impulsive fashion, or if support breaks. I'm holding positions firm...for now.
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Jv200909. nick.holland78
Low volume selling, purple trend line not broken.
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GDXJ is in a very similar situation, and I may be off by a degree on labeling the sub-waves. Could also be targeting the lower portion of indicated support which MAY be the 4th wave region in one lesser degree.
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Possible to see a lower iv here, right at the bottom of indicated support.
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nick.holland78 PRO nick.holland78
BTW, the 4th wave of one lesser degree is a common target here. See the green (4)? Doesn't have to go this low, and IF the pattern in indeed as bullish as I've indicated I don't expect price to hang around there long, if even during RTH.
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