A strong bounce invalidated the short-term hourly chart of one Elliott wave count, which increased the confidence in another Elliott wave count.
Sideways movement was expected to continue. A small range downwards day remains between identified support and resistance. This fits expectations.
Price continues to move sideways all week, which is what the preferred Elliott wave count expected.
The breakout is still expected to be in the same direction, and this has support from volume analysis.
Gold remains within a small range of uncertainty, but GDX analysis at this time looks clearer.
With resistance holding as expected for GDX, some confidence in the trend and the target may still be had.
An inside day for Monday sees price remain above the invalidation point on the hourly Elliott wave count.
A new alternate idea for the very short term is presented today.
Downwards movement has continued. Price is now within the target zone.
Two short term hourly Elliott wave counts outline two possibilities for the next 24 hours.
Volume analysis supports the Elliott wave analysis at this stage.
A higher high and a higher low fits the definition of upwards movement, which is what the main Elliott wave count expected.
Downwards movement today remains within a small zone of recent support and resistance, and both Elliott wave counts remain valid.
Upwards movement fits the alternate hourly Elliott wave count.
With support now from volume today, the hourly wave counts for the short term picture are swapped over.
A pullback was expected to end about 1,318 and an upwards swing to resume there, but the pullback was already over and upwards movement continued.
Upwards movement was expected. A higher high and a higher low for Monday’s session saw price move overall higher.
Upwards movement continued as expected.
Today’s classic analysis sees a new idea for the short term as now more likely.