Put-up Or Shut-up Time

As we stand here before a potential market catalyst, the GDX has a series of 1's and 2's set up for a strong break out.  While I cannot tell you whether the market will take advantage of the set up, I can tell you that the set up is now in place.  As long as we remain above the 21.50 level, and break out over 24.50, we should be on our way back to the August 2016 highs.  Anything less will tell us that the market can meander for longer down here in a bigger 2nd wave pullback.   So, its time for the market to make a decision.

Avi Gilburt is founder of ElliottWaveTrader.net.