Elliott Wave Analysis of GDX

Yesterday’s upside on the GDX, potentially could be the start of a move higher for wave 5 of an impulse wave that has been developing since Sept 2018. Short term if it continues to hold above $26.63 then more upside can be seen, although it’s crucial that the bulls push the market above $28.00, then $28.45 to further support a move higher.

A move back below $26.63 likely sees a new low for a 5th wave of a possible ending diagonal to end wave [c] of wave 4. Barring a major breakdown below $25.00, then the bullish case is still the preferred idea, although I would like to see a move above $28.45 to feel more comfortable that a rally is underway for wave 5.

Idea 1

Idea 2

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

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