Imnportant Level To Hold

Jul 27, 2016 - 3:57 PM EDT

I will put out a more complete update late tonight, but in the meantime, I wanted to stress how important this micro region is for the GDX to hold to maintain immediate pressure to the upside. Should this support fail, it suggests this rally is only a corrective 3 waves up, and it opens the door to the 26 region in a bigger corrective decline for either wave 2 or even deeper for alt wave ii in blue.

GDX-8min

GDXdaily

Avi Gilburt is founder of ElliottWaveTrader.net.

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