GDX Micro Update

I think this is worth a mid-week update follow up on the metals, as the GDX is at VERY important juncture today.

We have hit the 1.00 extension off the recent lows, wherein a=c in a corrective structure.  But, that also is a target for wave iii of 3 in the impulsive structure. 

So, we MUST hold the .618 extension in the 18.65 region to point us up to the wave v of 3 target overhead.  Otherwise, we have only completed a corrective rally, which will either complete all of yellow wave iv, and a lower low will be seen, or we have only complete the a-wave of yellow iv. Either of the corrective scenarios would suggest a lower low has become more likely.  That is why holding the .618 (18.65) is important now.

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