Market Analysis for Jan 20th, 2016

Jan 20, 2016 - 4:48 PM EST

Reposting my wave alert from earlier today as an update for nightly subscribers:

With GDX bouncing off the .618 extension down, the pattern now looks best as a 1-2 within wave iii in the blue count. If that is the case, then this bounce as wave 2 should not really exceed 13.14, so as long as we are below there pressure remains down with wave 3 of iii targeting 11.40 next. Above 13.14 and the picture gets more murky.

GDX - Micro - Jan-20 1447 PM (1 hour)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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