A pullback was expected to end about 1,235. Downwards movement for Friday reached 1,232.98 and then quickly reversed.
Downwards movement was expected to begin the new trading week. An inside day closes red, which mostly fits expectations.
With markets in the US closed for Thanksgiving Day, a very quiet 24 hours sees a very small doji candlestick leave the analysis the same.
A small inside day leaves all Elliott wave counts unchanged.
Downwards movement was not expected for Wednesday, but price remains above the invalidation point and the preferred Elliott wave count remains valid.
Another small range day remains within the consolidation zone. On Balance Volume remains range bound and may give a signal within a very few days.
Upwards movement was expected to be limited, and so far this is what is happening.
Last analysis expected a downwards breakout from a small Elliott wave triangle was underway, which is exactly what is happening.
All four Elliott wave counts are reviewed in today’s end of week analysis.
GDX continues to move lower as expected, and is now close to the short term target at 17.37.
More downwards movement for both Gold and GDX has unfolded exactly as expected.
The short term target for GDX was 18.17. A low today for GDX at 18.15 met and slightly exceeded the target.