Sideways movement was expected for Tuesday’s session. A small inside day completes as a doji candlestick, which exactly fits expectations.
Another small range day remains within the consolidation zone. On Balance Volume remains range bound and may give a signal within a very few days.
Volume analysis still favours the first Elliott wave count.
On Balance Volume is watched carefully this week. It may signal which Elliott wave count is most likely.
Sideways movement has continued this week. Volume may indicate the most likely breakout direction from the consolidation.
On Balance Volume may give a signal next week.
Upwards movement was expected to be limited, and so far this is what is happening.
Last analysis expected a downwards breakout from a small Elliott wave triangle was underway, which is exactly what is happening.
A bounce for GDX and sideways movement for Gold were expected. So far both GDX and Gold are meeting expectations.
All four Elliott wave counts are reviewed in today’s end of week analysis.
GDX continues to move lower as expected, and is now close to the short term target at 17.37.
Upwards or sideways movement was again expected for both Gold and GDX. A small doji candlestick that moved price slightly higher on both fits this expectation.
More downwards movement for both Gold and GDX has unfolded exactly as expected.
The short term target for GDX was 18.17. A low today for GDX at 18.15 met and slightly exceeded the target.