Neutral for new positions. Three potential Elliott Wave patterns considered. See also strong positive divergences in MACD.
Awaiting support to hold at yellow wave ii, or for price to break out above GDX 18.85. IF price should exhibit a 5-wave pattern down, followed by 3-wave correction below 18.85, THEN the red count looks probable. Not interested in shorting GDX for more than intraday trades, certainly less than a week, given likely completion of and ending diagonal. Last two weeks already have proved how quickly the table can turn on shorts...
Daily buy-and-hold targets are shown here in either red and yellow. The box with green wave circle i would set up another wave ii buy target near current price levels, to be refined with pattern maturity.
Awaiting support to hold at yellow wave ii, or for price to break out above GDX 18.85. IF price should exhibit a 5-wave pattern down, followed by 3-wave correction below 18.85, THEN the red count looks probable. Not interested in shorting GDX for more than intraday trades, certainly less than a week, given likely completion of and ending diagonal. Last two weeks already have proved how quickly the table can turn on shorts...
Daily buy-and-hold targets are shown here in either red and yellow. The box with green wave circle i would set up another wave ii buy target near current price levels, to be refined with pattern maturity.
