Quick Morning Update - Market Analysis for Sep 28th, 2026

Allow me to take a minute to explain the progression of my GDX analysis.  First, we are now at a 1.00 extension to the downside that MAY complete a bigger wave (2) at the .500 retracement with an (a)=(c) at the same location.  That is represented by the green wave (2).  BUT, we will need a CLEAR 5 wave rally through the pivot to support that.

But, as long as all bounces are corrective and the pivot is respected, then this support at the .500 level will likely break and take us down to our next potential for a wave (2) low in the 77/78 region, which is the .764 retracement, which is represented by the blue count.

Should we only see a corrective bounce from there, then we will continue to follow the yellow path, which will be pointing us to the 60-70 region.

This is the progression I will be following over the coming weeks.