Downwards movement today fits expectations for GDX and for one of the Elliott wave counts for Gold.
A signal is given today from On Balance Volume that supports the main Elliott wave count for Gold.
A target is given for GDX.
A doji candlestick on the daily chart fits the expectations for a consolidation to continue.
Upwards movement continues as expected from the main Elliott wave count.
A signal today from On Balance Volume offers a little support to the main Elliott wave count.
A new high above 1,318.53 provides some confidence in the main Elliott wave count. The target remains the same.
A downwards reaction was expected after yesterday’s strong upwards movement. This is exactly what has happened.
A little sideways and lower movement to end about 1,344 was expected to begin the new trading week. Thereafter, the upwards swing was expected to continue. This is exactly what happened. A little downwards movement opened the first session of the week to reach a low at 1,343.52, only 0.47 below the target. Thereafter, upwards movement has resumed to complete a green daily candlestick. The target remains the same.
Upwards movement was expected. A higher high and a higher low fits the definition of upwards movement, but the candlestick has closed red and downwards movement during the session breached the short term invalidation point on the hourly chart.
Upwards movement has continued as last analysis expected.
Upwards movement continued to begin the last session, as the new main wave count expected. Downwards movement so far remains contained within the channel and above the short term invalidation point.
All possibilities are considered, and it is time to step back and look at Elliott wave monthly charts.
A breach of the channel on the hourly charts indicated the upwards trend has ended, at least for the short term.