GDX update 09/05

GDX: So far GDX is tracking very well from a wave and Fib-extension perspective. If everything agrees with me, then it should be close to (or already has) completing (orange) micro-3 of (grey) minute-iii/c. At today’s high price is almost exactly equal to (blue) nano-v = i, measured from the nano=iv low. Of course this nano-v wave can still always extend, but so far so good.


If correct, then micro-4 is now underway and should target around $24.50 (good support), before micro-5 launches to around $25.50; this is around the 0.618x fib-extension of (red) intermediate-a, measured from b, and very close to the same top: resistance. That should then complete minute-iii/c. I say iii/c  as at that stage I cannot say if minor-a of intermediate-c will become a 3 waves or a 5 waves advance. Some of the waves have been 3-waves others have been 5-waves. As the big boys do: (partially) sell at the iii/c top, cause we may get a b-wave down that retraces >50% of the prior a-wave and reduces profits to losses…