We are nearing a bottom in the gold miners in the form of a wave 2 of the full wave 1 move up from the January low. The recent price movement on Friday gave us the setup for the final leg down as a v of C which can take the shape of a 5-wave impulsive move down or an ending diagonal.
The bottom should be struck between the 50% and 61.8% retracement of the larger impulsive wave 1 high of 31.79, aiming for the 22-20 range. Once the correction is complete, we should then be prepared for the larger degree wave 3 move upwards that will take the GDX to at least 50.
The bottom should be struck between the 50% and 61.8% retracement of the larger impulsive wave 1 high of 31.79, aiming for the 22-20 range. Once the correction is complete, we should then be prepared for the larger degree wave 3 move upwards that will take the GDX to at least 50.
