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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