Downwards movement continues to unfold slowly as both Elliott wave counts expect, at least for the short term.
Upwards movement was expected to begin the week for both Gold and GDX. This is exactly what has happened.
The main hourly Elliott wave count for Friday expected a new low at least slightly below 1,218.61 but not below 1,212.11. A new low to 1,217.68 fits this expectation very well.
The alternate daily Elliott wave count remains valid.
Upwards movement has unfolded for Monday although the candlestick closes red. Upwards movement is what was expected.
More downwards movement was expected for Wednesday’s session, which is exactly what happened.
A small upwards day to just above 1,265 fits expectations for the short term. 1,265 was expected to be about where upwards movement may find resistance.
Sideways movement to end the week fits the short term expectations for the Elliott wave count.
A slightly downwards day closes as a doji, and downwards movement remains above the short term invalidation point.
The target for downwards movement to end, if it continued for one more day, was 1,306. This target has been exceeded by 4.15.
The target for a downwards swing to end was about 1,306. Today price moved lower to reach 1,310.
The bounce was expected to be over with one slight new high or at Monday’s high. A downwards swing was expected to continue this week, which is what is happening.
Another test of support about 1,310 to 1,305 was expected. This is what has happened.
To start the new trading week upwards movement was expected. A higher high and a higher low fits expectations for Monday’s session.