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Sunday, November 23, 2014

Elliott Wave Analysis of GDX

The reversal is no surprise to us, we have been expecting it, what happens from here is the important part.

In my last post  http://wavepatterntraders.blogspot.com/2014/09/elliott-wave-analysis-of-gdx.html

We were still looking for a bit more downside around the 17-16 area, so far the low is on that area, so a great start for our ideas. However, we still don't have the important clue of a 5 wave advance from the November 2014 lows.

Above 18.76 we are targeting more upside, wave [iv] may already be in place, if so we should see a move higher early next week. Another idea is that wave [iv] could take the shape of a triangle, which would suggest a bit more sideways price action, followed for a "thrust" for a 5th wave.

Currently bullish above 18.76.

If we do see a 5 wave advance, the bulls would have strong evidence of an intermediate low, any subsequent pullback would be a setup to buy at a future date.

Below 18.76 negates the idea.

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