Another Inflection Point

I wanted to send this out to the entire membership, based upon where we now stand.

Since the market bottomed last week after a full downside count, I posted this earlier for people to stay on their toes:

As far as the bigger picture, please remember what we need to confirm a bottom being in place. First, we need 5 waves up, which I think we have . . even though it is less than ideal with a truncation.  Next, we need a corrective pullback holding the prior low.  Lastly, we need a break out over the high of wave (I).  So, we still have some work to do, and there is still reason to remain cautious until we get the next break out.

Therefore, if we now break below last week's low, it would invalidate the potential for a bottoming in this region, and would likely set up a test of the December lows.  So, again, until we are able to take out the wave (i) high, you should remain a bit cautious . . at least until this bullish set up triggers. 

GDX-8min
GDX-8min
Avi Gilburt is founder of ElliottWaveTrader.net.