This past week we saw the gold minders rise into a wave iv of C topping at 25, followed by a sideways move that has yet to reveal its direction. This high could represent a nice topping area to make space for a last leg down as a wave v. However, the price movement this week could still see the GDX make a small move up to complete wave iv before resuming the downtrend to complete the larger wave C of 2 correction around the 22-21 range during the first half of November.
If the price were to break above 26 before dropping below 24, I will consider the larger wave C of 2 correction already completed and will be looking for a retracement of the rise from the 22.5 low, although it does look like the miners still need one last leg down to shake off some more investors before resuming the bull market.
If the price were to break above 26 before dropping below 24, I will consider the larger wave C of 2 correction already completed and will be looking for a retracement of the rise from the 22.5 low, although it does look like the miners still need one last leg down to shake off some more investors before resuming the bull market.
