A pullback was expected to end about 1,209 and then be followed by upwards movement. The pullback has ended at 1,211.24, just 2.24 short of the target. This is now being followed by a strong upwards session.
Price remains within an identified consolidation zone.
A new hourly Elliott wave count is considered for the very short-term picture.
A small sideways consolidation was expected to unfold for a fourth wave. This is exactly what is happening.
Price remains range bound.
On Balance Volume may give a signal in the next very few days.
Downwards movement continues to unfold slowly as both Elliott wave counts expect, at least for the short term.
Upwards movement was expected to begin the week for both Gold and GDX. This is exactly what has happened.
The main hourly Elliott wave count for Friday expected a new low at least slightly below 1,218.61 but not below 1,212.11. A new low to 1,217.68 fits this expectation very well.
The alternate daily Elliott wave count remains valid.
Upwards movement has unfolded for Monday although the candlestick closes red. Upwards movement is what was expected.
More downwards movement was expected for Wednesday’s session, which is exactly what happened.
A small upwards day to just above 1,265 fits expectations for the short term. 1,265 was expected to be about where upwards movement may find resistance.
Sideways movement to end the week fits the short term expectations for the Elliott wave count.
A slightly downwards day closes as a doji, and downwards movement remains above the short term invalidation point.