aug 7 gdx

There is no change to the current outlook for the GDX, gold and silver as we still expect to see higher prices before get see the bigger wave iv corrections in these markets..

In terms of the GDX, wave $iii$ ended at 44.46 high and we had thought that all of wave $iv$ had ended at the 40.96 low, but this does not appear to be the case as it looks like wave $iv$ is becoming a bullish triangle with all or most of wave !c! of $iv$ ending at the current low of 42.44.

We are now waiting for confirmation that our wave !d! rally is now underway.

Only a drop now below the 40.96 low would eliminate this bullish triangle pattern, and with the extended rally and jobs report day...

there could be more volatile action before today's close!

The 60 Min GDX Chart has been updated to show this:


captain & crew