XBI, GDX update 2/28

XBI: Count is based as having completed minor 4 of intermediate iii, now targeting $74.40-$75.80 for minor of all of intermediate iii assuming standard Fib-extensions. Minor 3 hit the 1.236x extension: typical. Minor 4 retraced back to the 0.764x extension: typical. Assuming 5=1, means minor 5 targets the 1.764x extension: $74.40. Typical 🙂

xbi

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GDX: Currently price is stuck in the grey support/resistance zone, which it has been for a while now and before. There’s a reason why we identified it as such: it’s a critical price zone. However, we do still expect price to move higher eventually. If the recent major b low is correct and if we assume that we’ll get a c=a wave, then this means GDX will reach the upper end of our long term standing $33-$46 target zone for primary B. $46 to be exact. Wouldn’t that be something!?  A break above (red) intermediate a (labeled as “a?”), which is also a break out from the S/R zone, will confirm our count. A break below the lower end of this S/R zone will put our count into jeopardy.

gdx