GDX Update - Market Analysis for Mar 3rd, 2025

I wanted to post this update on GDX to the full membership, as it is rather important.

As many of you know, I am not a fan of leading diagonals, as they are not terribly reliable as they can just as easily be viewed as a corrective structure.  Yet, that is exactly what we are now dealing with in GDX.

While I can count a possible leading diagonal down in GDX for a possible wave 1 of the yellow count, it is still not terribly reliable at this point.   It can also be counted as a corrective wave (ii) pullback in the more immediate bullish count.  But, I am now forced to track both paths.

Clearly, if we break out over the high we struck in the middle of February, it would invalidate the yellow count.  And, it would then potentially be pointing us to a major move in GDX, which this (i)(ii) can project to the 60 region.  

So, the action between Friday's low and the high struck in mid February will likely dictate the next major move in this chart. And, until I see more evidence that the bulls are going to take control in a big way, I intend to remain in a protective position.