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I will present only the one wave count for you today.

The second alternate from last analysis remains valid for GDX, but it is invalidated for Silver, and has a very low probability so I will not present it today.

Click charts to enlarge.

GDX monthly 2014

I see an incomplete five wave structure downwards. The final fifth wave for intermediate wave (5) is unfolding. At 14.13 intermediate wave (5) would reach equality in length with intermediate wave (1).

I have changed this monthly chart to a semi log scale to try and get the channel right. This channel is a best fit and may show where minor wave 2 upwards finds resistance.

GDX daily 2014

Minor wave 2 is a zigzag which subdivides 5-3-5.

Minute wave c must subdivide as a five wave structure. It looks like it may be an impulse. At 22.26 minuette wave (iii) would reach 2.618 the length of minuette wave (i).

The subsequent movement for minuette wave (iv) may not move back into minuette wave (i) price territory below 19.03.

At 23.50 minute wave c would reach 1.618 the length of minute wave a, and minor wave 2 would reach up to the 0.618 Fibonacci ratio of minor wave 1 at 23.45.

Minor wave 2 may not move beyond the start of minor wave 1 at 27.78.