A Revision - Market Analysis for Jan 6th, 2017

Jan 6, 2017 - 5:51 AM EST

Yesterday, I noted that a move through 23.60 can be a buy with a stop just below 23. But, last night, the management team of our EWT Miners Portfolio met to review our holdings and what we want to be buying and when, and something came up that I want to update.

My trading platform does not have the option for log scale. But, when you analyze the GDX in log scale, that same .764 extension break out that is presented as 23.60 on my chart is just under 24 in log scale. So, if one is going to consider jumping into a break out scenario through the .764 extension, you may want to use the 24 level instead of the 23.60 level, but the stop would remain at just below 23.

Avi Gilburt is founder of ElliottWaveTrader.net.

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