Sideways movement continued at the end of the week, which is what the short term expectation was for the Elliott wave count.
A small doji candlestick continues sideways movement.
The expected direction for the breakout from this small consolidation is still the same.
More upwards movement for the short term was expected for both Gold and GDX.
Downwards movement continued a little further as the main Elliott wave count expected, but fell 8.69 short of the target.
Price continued lower.
Two short term pictures with a clear price point which differentiates them are presented today.
Downwards movement fits the alternate Elliott wave count, which was expected to have a lower probability.
Low probability does not mean no probability; when low probability outcomes do occur, they will never be expected as what was most likely. That is the nature of probability.
A small inside day closes green. Upwards movement overall fits with expectations for the main Elliott wave count.
A larger range day moves price overall higher, which fits expectations for the main Elliott wave count.
A signal from On Balance Volume at the end of this week now offers support to the main Elliott wave count at weekly and daily time frames.
Strong upwards movement fits the main Elliott wave count. This was expected to show up sometime this week or early next week.