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GDX Elliott Wave Technical Analysis – 19th October, 2017

Three Elliott wave counts are presented below in the order in which they were developed, not in the order of probability:

FIRST WAVE COUNT

MONTHLY CHART

GDX Monthly 2017
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DAILY CHART

GDX Daily 2017
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SECOND WAVE COUNT

MONTHLY CHART

GDX Monthly 2017
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DAILY CHART

GDX Daily 2017
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THIRD WAVE COUNT

MONTHLY CHART

GDX Monthly 2017
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DAILY CHART

GDX Daily 2017
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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.