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.
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.
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:
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.