Three Elliott wave counts are presented below in the order in which they were developed, not in the order of probability:
FIRST WAVE COUNT
SECOND WAVE COUNT
THIRD WAVE COUNT
For most recent movement, this wave count has the best fit in terms of Elliott wave structure. It does look like a barrier triangle has recently finished, which may be cycle wave b.
If the triangle is correctly labelled, then this tells us two things, because it cannot be a second nor fourth wave and so may only be a B wave:
1. The breakout from this multi month consolidation should be upwards.
2. After an upwards wave to last one to several years, GDX should then turn downwards for wave C.
Published @ 02:20 a.m. EST.