Cycle View of Gold Miners ETF: GDX

Looking at the Gold Miners ETF GDX as a potential investment. Seasonally, PM's tend to bottom in July and December, but July didn't work out this year!

So the market is showing what looks like a descending horizontal triangle targeting the point 16.30 which would be a price drop from the end of the triangle equal to the height of the triangle. The implication being that PM's will bottom when the dollar tops in correlation to the USDCNY (the Chinese appear to be putting a floor under the market, buying at a certain support level , but they keep devaluing their currency with respect to the dollar).

Really could see this pattern morphing from a triangle to a running flat, and bottoming in December anyways... time will tell.
Thanks for posting. I'm thinking same zigzag, but b wave as the triangle in the middle, so c wave might already be complete?
@Monk, The challenge always is trying to determine when a wave is complete. In this case was the bounce in the latter part of the week the bottom? In the chart above of weekly bars, the price action at the end of last week doesn't even register. The thing to look for is a change of momentum from down to up. On the hourly chart, it looks to me like some sort of continuation correction before price moves authoritatively below the (a) wave bottom. On the daily candle chart, there is a nice piercing pattern for Friday. It would need to be confirmed by a higher candle Monday. My take? I think we just finished the middle third wave of this (c) wave down, and we should expect to see a fourth and fifth wave yet.
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