Please see my post from April 18 here first: http://theelliottwavesufer.blogspot.dk/2013/04/gdx-is-closeing-in-on-its-shs-target.html.
This one is especially for Willem.
Willem asked me for my opinion on GDX and I made the post on April 18 2013 and boy did that Work out nicely. With a low at 22.21 just below the S/H/S target at 23.00 Not only did the S/H/S target Work out well, but also make a note on the bullish divergence, that was clearly noticeable on both indicators confirming, that a possible important low was close by at 23.00
But what if we didn't went long GDX near 23.00? Well the hourly chart below does show, that the rally of the 22.21 does have the potential of being an impulsive rally (five wave). However we have only seen three waves for now and is currently working on wave iv, which I think will be a flat wave or maybe a triangle, but it should alternate from wave ii, which was a zig-zag decline.
Once wave iv is over we should see one last rally higher. Ideally towards resistance near 30.00, from where we should expect a decline towards 25.25 before the next impulsive rally higher.
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