GDX may be making a horizontal triangle. If lower trend line breaks, one more move down should occur. Base of triangle is $22.25 - $20.14 = $2.09. Min target for C is $2.09 from trend line break. Watch for e wave to finish triangle up and then move toward lower trend line. FOMC meeting should help determine direction tomorrow.
$19.81 is .618 Fib retracement of upmove from Jan to Aug 2016.
Weekly MACD is below zero and bearish. Daily MACD is turning up but still below zero line.
$19.81 is .618 Fib retracement of upmove from Jan to Aug 2016.
Weekly MACD is below zero and bearish. Daily MACD is turning up but still below zero line.
Comment:
E wave held as planned this morning. Lower trendline broken and 618 Fib touched. If 618 is broken gdx may hed down to $12.40 Jan bottom.