Downwards movement continues now as expected and shows an increase in downwards momentum, which was also expected. The target remains the same and looks reasonable.
Downwards movement has unfolded as expected.
Price remains within the channel on the hourly chart. This channel will continue to be very important.
Upwards movement has breached the invalidation point on the hourly chart. The short term structure of the last four sessions is reanalysed.
Overall, downwards movement was expected for this week. This is now what is happening.
A channel may now be drawn on the hourly chart that may be useful for resistance.
A downwards swing was expected to continue. Upwards movement during Monday’s session remains below the invalidation point, and the range for this session is small. Volume does not support upwards movement.
A bounce was expected to turn up within 24 hours, which is what has happened.
A downwards reaction was expected after yesterday’s strong upwards movement. This is exactly what has happened.
The main hourly wave count expected upwards movement but the target at 1,349 was inadequate.
Specific trading advice is given today for GDX, which may have today broken out of a symmetrical triangle structure.
Upwards movement fits the alternate hourly Elliott wave count.
With support now from volume today, the hourly wave counts for the short term picture are swapped over.