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Last Elliott wave analysis three days ago expected upwards movement for GDX. The target for it to end is 26.18. At the time of writing it is getting very close to this target.

Click charts to enlarge.

The clearest piece of movement is the downwards movement from the high. This looks most like a first, second and third wave. This may be the start of a larger correction.

Intermediate wave (3) is \$1.06 longer than 2.618 the length of intermediate wave (1).

Within intermediate wave (3) there are no Fibonacci ratios between minor waves 1, 3 and 5.

Ratios within minor wave 1 of intermediate wave (3) are: minute wave iii has no Fibonacci ratio to minute wave i, and minute wave v is \$2.19 longer than 0.618 the length of minute wave i.

Ratios within minor wave 3 of intermediate wave (3) are: minute wave iii has no Fibonacci ratio to minute wave i, and minute wave v is \$0.63 longer than 0.382 the length of minute wave iii.

Draw a parallel channel about this downwards movement. Draw the first trend line from the lows of intermediate waves (1) to (3), then place a parallel copy upon the high of intermediate wave (2). I would expect intermediate wave (4) to find resistance at the upper edge of the channel, and it may end there.

Intermediate wave (4) should last one to a few months.

I expect that intermediate wave (4) is completing as a regular contracting triangle. Within the triangle all the subwaves must subdivide as corrective structures, one may be a multiple, and four of the five waves must be zigzags or multiple zigzags.

So far minor wave A is a multiple so this means all the remaining subwaves must be simple A-B-C corrections. Minor wave A is technically a double combination so this means all the remaining waves must be simple zigzags.

Minor wave D may not move below the end of minor wave D at 21.93, although if the triangle is a barrier triangle minor wave D may end about the same level as minor wave B as long as the B-D trend line is essentially flat. This invalidation point is not black and white.

Minor wave C may not move beyond the end of minor wave A above 28.03. This invalidation point is black and white.

Overall this wave count now expects to see very choppy overlapping sideways movement for several weeks yet before this correction is over.