The miners are reaching a pivotal point that will determine the price pattern over the following months.
In my previous post back in Feb, I provided a count and stated that the GDX would be bottoming at around $20 before resuming the bullish trend. While the count is still valid, wave (ii) has protracted longer than what I had initially expected as we are still in that same corrective wave.
I still expect the bottom to hit around the $20 mark and would like to see a strong move upward above $24 in the following weeks to confirm the start of wave (iii) of 1 that would take us to at least $30.
However, should the price fall below $19, it would invalidate the current count and make me more bearish in the short term.
The next couple of weeks are going to be critical as the pattern unfolds.
Stay tuned for more!
In my previous post back in Feb, I provided a count and stated that the GDX would be bottoming at around $20 before resuming the bullish trend. While the count is still valid, wave (ii) has protracted longer than what I had initially expected as we are still in that same corrective wave.
I still expect the bottom to hit around the $20 mark and would like to see a strong move upward above $24 in the following weeks to confirm the start of wave (iii) of 1 that would take us to at least $30.
However, should the price fall below $19, it would invalidate the current count and make me more bearish in the short term.
The next couple of weeks are going to be critical as the pattern unfolds.
Stay tuned for more!
