Is well under way to my target at 1,250. Currently we have seen blue wave iii Down to 1,322, where blue wave iii was 2.618 time the length of blue wave i. We should see a series of wave iv and v developing in the coming days/weeks.
Failed to break out of its triangle towards the upside and has instead broken towards the downside, but we need a break below 84.07 to confirm a continuation Dow towards strong support at 75.62.
But only a break out of the long term sideways consolidation will really get Things going here.
After a perfect five wave rally of the low at 24.98 we are currently in wave ii of 5. Longer term I'm looking for a rally towards the 33.44 - 34.10 area, which will terminate wave I of A. Short term I looking for wave ii of 5 to terminate in the 26.00 - 26.40 area from where the next powerful rally is expect to develop. At no point can a break below 24.98 be accepted as that would invalidate my bullish Count.
Is getting close to my ideal target at 391, from where I expect a rally towards at least 594.
Even if we manage to break below 391, the downside should be limited to the 360 - 365 area, so we are getting close to a very nice buying opportunity.
Hey,
ReplyDeleteDon't you think that the GDX has bottomed, given sentiment, oversold conditions and a completed elliott wave count?
Would appreciate some comments, as I always love your work.