The target down for minor wave 1 to end was at 19.47. Price has moved well below this target, so far to 16.89, 2.58 below the target. The structure for minute wave v is incomplete. A new target for minor wave 1 downwards is at 16.26 which may be met within one or two days. When that is done I expect upwards movement from GDX for a few weeks.

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GDX daily 2013

Minute wave v is longer than expected and has passed equality with minute wave i. The next target calculated is where it may reach 2.618 the length of minute wave i.

I expect this final fifth wave down is almost complete. If Monday produces a small green candlestick for minuette wave (iv) that would give this wave count a perfect look. Minuette wave (ii) shows clearly on the daily chart, so minuette wave (iv) may as well. Minuette wave (ii) was a flat correction lasting three days. Minuette wave (iv) may be a more brief zigzag.

Minuette wave (iv) may not move into minuette wave (i) price territory above 20.05.

When minute wave v looks like a five wave structure I would expect a trend change at minor degree. At that stage movement above 20.05 would provide price confirmation of the trend change, as at that stage upwards movement could not be a fourth wave correction and so the final fifth wave should be over.

I would expect minor wave 2 to last a few weeks. It may last a Fibonacci 13 or 21 sessions. It may end about the 0.382 or 0.618 Fibonacci ratio of minor wave 1.

The long term target remains the same. At 14.13 intermediate wave (5) would reach equality in length with intermediate wave (1). Intermediate wave (5) should last several more weeks. It is already longer in duration that intermediate wave (1).