Support MUST Hold now.

The GDX is now testing the upper end of resistance.  While this is good price action, the last thing we want to see is for it to reverse from the 23.96 region.  You see, 23.96 is a possible a=c off the recent lows.   So, that means we should NOT see the market pullback below the 22.80 region now.  Any break down below 22.80 at this point in time COULD open a bigger trap door to the downside.   So, the market must really maintain this upside pressure from here on in.

So, please do not assume anything . . . we need to hold support over 22.80 now.

GDXdaily
GDXdaily
Avi Gilburt is founder of ElliottWaveTrader.net.