Structure of GDX Doesn't Appear to Be a Bottom -- Yet

To me, GDX is still more indicative of the potential ending diagonal for wave v down rather than having struck a long term bottom just yet.  While it is certainly possible it has bottomed, the structure off that bottom is much more indicative of a corrective rally than an impulsive one.  So, for now, I am maintaining an ending diagonal pattern for the wave v down, especially as long as we remain below 20.51.

Through 20.51, and my alternative turns to the yellow larger degree wave iv up in the 21.90 region. 

But, again, for most investors, you need to be focusing on the bigger picture . . . and that is the greater likelihood of a long term bottoming being developed over the next 2-6 months, depending upon how this develops in the coming week.

GDXdaily
GDXdaily
Avi Gilburt is founder of ElliottWaveTrader.net.