Price remains within the consolidation zone. While strong support holds, the preferred Elliott wave count will remain at a critical juncture.
A downwards day remains within the consolidation zone.
The Elliott wave count remains valid.
Upwards movement has continued for Monday exactly as expected. The Elliott wave target remains the same.
For the very short term, some downwards movement was expected, which is what has happened at the end of the week.
Upwards movement was expected for Thursday. This is exactly what has happened.
A small inside day fits the preferred Elliott wave count.
Price remains range bound. Volume still indicates the same expected breakout direction.
After a five down from an Elliott wave triangle, a three up was expected to develop. This is what happened on Friday.
GDX continues to move towards the short term target at 17.37.
Gold looks to be neutral short term, with conflicting bullish and bearish indicators.
Again, downwards movement continues for both Gold and GDX as last analysis expected.
New targets are calculated for Gold and GDX. The long term target for GDX remains the same. Members are given some advice on how to manage short positions for GDX today.
Downwards movement remains above the invalidation point on the hourly chart and within the allowable range for the Elliott wave count.