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Wednesday, December 3, 2014

Elliott Wave Analysis of GDX (update)

This is an update to this idea http://wavepatterntraders.blogspot.com/2014/11/elliott-wave-analysis-of-gdx.html

Currently I think we will likely see a bit lower to complete a small correction from the 18.09 lows, ideally we see buyers step up around 18.75, but a bit lower should complete a corrective decline.

I am looking for the bulls to step up above 18.09, so readers that wish to take long positions can do so buy using 18.09 stops. This is a very aggressive idea, but if its correct we could be on the verge of a strong break out higher in what we call a "3rd of 3rd". That will be a great move for the bulls.

Below 18.09 will negate the current short term idea, but its still valid on a larger time frame as long as it remains above the November 2014 which is at 16.44.

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