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.
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.
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.
A new high very slightly above 1,234.67 now adds confidence to the main Elliott wave count.
An alternate Elliott wave count is still considered.
A small bounce was expected for Friday. A small green daily candlestick moves price slightly higher, fitting expectations.
A small inside day sees the Elliott wave count remain the same.
An outside day fits both short term Elliott wave counts.
On Balance Volume should give a signal in one or two more sessions. This may add a little clarity to the short term expectations.
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.
At least two different structures for this consolidation remain valid. The target remains the same.
Downwards movement towards the target continues exactly as expected.
Downwards movement has unfolded as expected.
Price remains within the channel on the hourly chart. This channel will continue to be very important.