An outside day closes green, and the balance of volume is upwards. This fits expectations for the main Elliott wave count.
Upwards movement continues as the main Elliott wave count expects.
Another slight new low today remains above the invalidation point. Two short term scenarios are presented today.
Sideways movement to complete an outside day sees price remain within the current consolidation zone and within the Elliott wave channels. Both the main and alternate Elliott wave counts remain valid.
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.
The upwards swing has been proven by price to be over earlier than expected.
Price remains range bound.
A little more downwards movement to a target at 1,318 – 1,317 was expected before a reversal. Price moved lower and reversed 2.84 below the small target zone.
Upwards movement continues as expected, with an expected increase in momentum and now some support from volume. The target remains the same.
Again, upwards movement continued as expected. A breach of the best fit channel on the hourly chart about an hour after publication of last analysis indicated more upwards movement, which is what then happened.
Last analysis expected a consolidation to continue. A long legged doji closed, which moved price essentially sideways as expected.
A breach of the channel on the daily and hourly Elliott wave charts indicates the alternate daily chart is more likely.
Yesterday’s classic technical analysis summary warned of possible upwards movement. Today’s upwards movement invalidated the main Elliott wave count and now two valid Elliott wave counts remain.