GDX update 12/21

GDX: has most likely now started it’s new leg up to the $32-$38 area. The weekly chart below shows the big picture count. The daily chart following below shows the more detailed path forward. Cont’d below.

GDX weekly

First, price bottomed EXACTLY where I thought it would (grey box) as shown in the last update. See here. The advance off that $21.27 low (my ideal target was $21.18) so far counts very well as an impulse on the micro-scale. Price should now be in nano-iii of micro-3 of minute a/i. The orange boxes and labels show the ideal wave target zones for micro-3, 4 and 5, based on standard Fib-extensions and retraces. These boxes are accurate in price, but not in time! Currently price is right back at the 200d SMA, and personally I don’t trade anything below it. Thus for me, price needs to close above the 200d SMA first. Once a/i completes in the 23.60-23.80 zone, b/ii should bring it ideally back to about $22.20 (which is clearly very important S/R). From there, c/iii can launch price to $26ish.