Downside Follow Through - Market Analysis for Nov 23rd, 2020

This is the downside follow through I was expecting based upon the micro (i)(ii) set up I noted over the weekend in GDX.  At this point in time, the 35 region is our micro resistance, and I am looking for waves (iii) (iv) and (v) to take shape below that resistance.  

The next time we see an impulsive move back up through 35.25 will be a very initial indication of a potential bottom in GDX.  Until then, pressure will remain down, as I am not sure how deep this wave (iii) will extend in what may be a capitulation drop.

GDX8min
GDX8min
Avi Gilburt is founder of ElliottWaveTrader.net.