Elliott Wave View: Impulsive Rally in GDX
Elliott wave view in Gold Miners ETF ($GDX) suggests the pullback to $20.26 ended wave (2). Wave (3) is currently in progress and the internal subdivides as an impulse Elliott Wave structure. Up from $20.26, Wave ((i)) ended at $20.88, wave ((ii)) ended at $20.31 and wave ((iii)) ended at 22.60 peak and wave ((iv)) ended also at 22.16.
We can see from the chart below the internal of wave ((i)) and ((iii)) also subdivide as an impulse in lesser degree. We don't like selling $GDX and expect buyers to appear in 3, 7, or 11 swing as far as pivot at $20.28 low stays intact. In larger time frame, if $GDX can break above Feb 21 peak ($23.70), then it should create a bullish sequence from Sept 11, 2018 low opening up more upside.
We can see from the chart below the internal of wave ((i)) and ((iii)) also subdivide as an impulse in lesser degree. We don't like selling $GDX and expect buyers to appear in 3, 7, or 11 swing as far as pivot at $20.28 low stays intact. In larger time frame, if $GDX can break above Feb 21 peak ($23.70), then it should create a bullish sequence from Sept 11, 2018 low opening up more upside.
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