Gold Miners ETF (GDX)

[123tom]

I agree with everything you've said. Here is GDX now at 27, in a rally that was without real pullback, almost a straight line, really looks like on the weekly chart a single wave , 5 wave structure playing out, wave 3 completed now, and sliding along the 50 ma would be wave 4 for a while, to see wave 5 rally to target 30. all this would still be a single wave, that could be called wave A or wave 1. in a greater cycle. Ive learned not to trust the miners and the way they are manipulated.

What happened after the July/August 2013 rally that reached the 31 area....the chart shows you what happened after that. That rally looks like a clear wave ABC pattern. This current wave structure 'looks' more like a 5 wave structure shaping up.

After what happened to GDX from August last year thru December....does anyone trust miners will somehow hold at the pullback support zone this time? that would be /should be around 23-24 area

Anybody at all ?