Last analysis expected a downwards breakout from a small Elliott wave triangle was underway, which is exactly what is happening.
Another small range inside day sees the Elliott wave counts very slightly adjusted, but this makes little difference to the short term expectation and no difference to the mid or long term expectation. The breakout direction is still expected to be the same.
GDX continues to move lower as expected, and is now close to the short term target at 17.37.
With New York closed because of Labor Day, the markets were quiet.
A very small range day closes as a small inside doji candlestick, which does not alter this analysis.
Downwards movement continues for both Gold and GDX as last analysis expected.
A new target is calculated for Gold. Targets for GDX remain the same.
The short term Elliott wave structure and strong volume for Friday indicate the direction for next week.
A small inside day sees the Elliott wave count remain the same.
An outside day closes green, and the balance of volume is upwards. This fits expectations for the main Elliott wave count.
The main Elliott wave count expected upwards movement to begin the new trading week. The session began with a slight new low, and then price strongly rebounded to print a green candlestick with a very long lower wick.
Another slight new low today remains above the invalidation point. Two short term scenarios are presented today.
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.
The upwards swing has been proven by price to be over earlier than expected.
Price remains range bound.