Are We Heading To Lower Lows Now?

I know this may sound crazy, but I am still not comfortable counting a full 5 down in GDX.  A wave iii only to a 1.382 extension just does not cut it for me, which then makes me look at today's low as the bottom of a 3rd - or a corrective wave,.

Now, as I said about silver, should we take out 16.43 and if GLD takes out 112.40, then I will view all the charts as being in the middle of their respective 3rd waves down, and likely making lower lows out of this set up.  But, it just does not strike me as a good set up for lower lows, which may mean the market has done a great job at keeping me on the wrong side of the impending lower lows ( or at least in a questionable stance).

For now, I remain somewhat neutral  (with the expectations of lower lows yet to come) until the market tips its hand a little more.

GDX
GDX
Avi Gilburt is founder of ElliottWaveTrader.net.