AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
150 18 4
Realized my older GDX             hourly post was getting stale. Here's the update I'm working from. Matches the micro details from posts inside the earlier thread. The 61.8% extension at 32.80 region is a clean 5-up for (i) of iii             , the typical target, but its certainly possible to consider (i) complete already as indicated in pink. I've got open orders below the green line at 30.27.

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nick.holland78
GDX - 1hr
nick.holland78 PRO about GDX 18 6 months ago
Almost hate to do this, but changing wave degrees on this chart like I did on XAG and XAU. The white lines are log-based fibs, as labeled. That brings me to consider an alternate count shown in white which targets the .618 extension of (1)-(2), making white a variation on the green (1)-(2) count.
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Hourly with adjusted wave degrees and revised white count. Targets for the green count unchanged:
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Jv200909. nick.holland78
6 months ago
Great, great road map! Thank you Nick! A pretty good cycle guy I know called a cycle low this am and went long for a short term rally. I would like to interpret this reversal as: iv complete and we are going up overbought with negative divergences to mid or high 32, then down to ii or even 2.
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Jv200909. nick.holland78
6 months ago
I have been watching this cycle guy for over 6 months now and have witnessed him nailing short term cycles all the time for gdx, oil, ibb, some currencies, etc. And I am not joking. I am not a subscriber (not yet). He posts for free once in a while. I want to send you a chart he posted which does not say much technically; but on this chart he indicates that according to his cycle work we are close to the primary 4 top. I know you don't like that; neither do I. Look for: pivottrader. Here is the link:

http://www.bullbeartalk.com/forum/lounge/2809-monday-august-1st-market-futures-edging-up-2.html
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Jv200909. Jv200909.
6 months ago
Today volume very low :( Hope we still can make it to 32-33 next couple of days
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nick.holland78 PRO Jv200909.
6 months ago
Metals looks like 3-waves up today. I think miners may offer a pull-back too. Or not. IF this is the start of a heart of wave 3 it'll be evident pretty quickly. You can see the start of 3rd waves of various degrees on these charts. No mistaking the launch.
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Jv200909. nick.holland78
6 months ago
You mean a-b-c ?
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nick.holland78 PRO Jv200909.
6 months ago
yes, 3-waves up consistent with a corrective b-wave. clear 5-up would indicate the 3rd is about to launch, potentially with shallow pull-back
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Jv200909. nick.holland78
6 months ago
Thanks for explaining Nick.
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Jv200909. nick.holland78
6 months ago
Nick, do you think the 5min gdx chart is going to do one more small wave down to 29.80 area?
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nick.holland78 PRO Jv200909.
6 months ago
Sure, it could. Don't want to see it get below 29.47/.54 or I'm going to look at that expanded (b)-wave again.
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Jv200909. nick.holland78
6 months ago
Although you probably reentered long it was a good thing you took profit few days ago. I should have followed you.
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nick.holland78 PRO Jv200909.
6 months ago
Yes, I'm layering back in. Next fill at 30
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Jv200909. nick.holland78
6 months ago
I think that's good.
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Jv200909. nick.holland78
6 months ago
GLD is at support now. I bought it around 126.30. Had a gain of $4. Then in one single day, Friday, my profit went back down to only around $1 closing at 127.78. Let's hope this new found support will hold.
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Jv200909. Jv200909.
6 months ago
So, this is the wave ii for gld and gdx.
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I exited ST longs earlier today for a decent gain. Just not liking the micro set-up here for immediate upside. Will reload lower, or when the picture clears.
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15min chart.
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