GDX Elliott Wave Technical Analysis – 5th December, 2014

Charts only this week. To see a full write up look at last week’s analysis here.

Click charts to enlarge.

Main Wave Count

GDX daily 2014

Still the most likely scenario. Minor wave 2 would be in proportion to minor wave 1. At 24.14 minute wave c would reach 1.618 the length of minute wave a.

Alternate Wave Count

GDX daily alternate 2014

Probably the least likely scenario. The equivalent wave count for Silver is invalidated, and this idea does not work well at all for Gold.

Second Alternate Wave Count

GDX daily alternate II 2014

This is possible, and also possible for Gold and Silver. But minor wave 2 is too shallow and quick. It lacks proportion. This is unlikely.

3 thoughts on “GDX Elliott Wave Technical Analysis – 5th December, 2014

  1. Lara,
    I normally don’t pay much attention to your GDX reports, because I trade gold. However, the comment below the “Second Alternate Wave Count” chart concerned me. Are you implying that there is a real, although unlikely, possibility that gold is already in intermediate wave 3? I thought that you have ruled this out? Thanks.

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