"On Friday, the market pulled back in what counts best as a 3 wave
structure, which bodes well for the confirmation process. I am
currently counting Friday’s pullback as the a-wave of a bigger wave
(2). But, I want to warn you that if we break back out over
Thursday’s high at 23.35 and continue through 24, it becomes likely
that we are on our way to complete the larger degree wave 1 of iii
in the 28-30 region.
So, unless we see “break out” action, I would expect (this week) to
present us with more consolidation. And, as long as the
market does not break down below 20.40 (the .618 retracement of
wave (1), then I can maintain a bullish bias for the GDX.
From Avi Gilburt: http://www.gold-eagle.com/article/could-gold-and-silver-miners-have-provided-ultimate-fake-out "On Friday, the
Posted by steve101 on 11th of Jan 2017 at 11:11 am
From Avi Gilburt:
http://www.gold-eagle.com/article/could-gold-and-silver-miners-have-provided-ultimate-fake-out
"On Friday, the market pulled back in what counts best as a 3 wave structure, which bodes well for the confirmation process. I am currently counting Friday’s pullback as the a-wave of a bigger wave (2). But, I want to warn you that if we break back out over Thursday’s high at 23.35 and continue through 24, it becomes likely that we are on our way to complete the larger degree wave 1 of iii in the 28-30 region. So, unless we see “break out” action, I would expect (this week) to present us with more consolidation. And, as long as the market does not break down below 20.40 (the .618 retracement of wave (1), then I can maintain a bullish bias for the GDX.
See charts illustrating the wave counts on the GDX, GLD and Silver (YI) at https://www.elliottwavetrader.net/scharts/Charts-on-GDX-GLD-Silver-201701081465.html .