GDX update July 24

GDX: remains in uptrend channel (not log scale) even after last week’s “sell off”, which is shown in more detail in the 2nd chart. Our long term target for Primary B -set already months ago- remains $33 to $46. Using the extension from blue A to green 1, from yellow (major) b we get to $40. Using a simple a=c, from b, we get exactly to $46. Both fall perfectly within our target zone, but both are on the log scale, so let’s take a look at the regular scale (see 2nd chart)

gdx 2


Nothing has changed since our early update: $35 still remains our prefered target and we had a descending (blue) triangle that worked out to the T (blue arrows) and price bottomed right where it had to, and right at the lower up trend line shown in the chart above. Thus we now expect price to move up to $35; possible $33 which is also right at our Primary B target 🙂