Gold Miners ETF (GDX)

[123tom]

I agree. youre watching the first rally wave complete, the first thrust up, then youre waiting for the Pullback to retest the breakout area. a good set up . and the next rally wave could be a larger wave 3 move. that's a good trade set up.

I don't try to get too cute with exact price points down to the penny, but its good enough to just find the Zone. like right now, looking again at GDX, the rally zone technically, is 23/24/25 area....but further rally zone extends to 27 where the key weekly moving average is.... that's a big target either now, (doubtful) or else in the next rally wave (more probable)
but here in the rally top zone, impossible to catch the exact price top....23? 24? 24.50? it could be anywhere here. Counting the Elliott waves helps get a better vision, as does volume, and indicators, etc.... gives us a best guess. but still its a guess.

and now the pullback zone, what does that look like.....21.50 area/22 maybe?

and from there, the next rally wave up to 27 ? is what I'm watching for. and then, DANGER time. when 27 gets reached in the next rally if we get one.