GDX update 6/1/2015: still expecting lower prices

For GDX I expect still lower prices and new ATL. IMHO, price is now in minute c of intermediate c of major c, to a Primary A bottom. The fib-extensions of each level of wave do not convolute well and as such make a target bottom more difficult. With the weekly S1 and S2 levels at $14.24 and $9.54 (purple horizontal lines), most of these extensions fall in that range; most notable the 150% and 161.8% extension for major c (yellow), the 123.6% and 100% extension for minor c (green), and the 123.6 to 161.8% extensions of minute c. The market will determine which one(s) it will chose, but a bottom between these two levels appears likely. So keep fingers on the buy trigger.

GDX update 612015a


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