jan 23 gdx intraday note

GDX INTRADAY NOTE:

The GDX has now satisfied the minimum requirements for a completed .a., .b., .c. correction within wave -iv- as wave .c. has traded below wave .a.

We are still above our projected retracement zones, but wave structure is always more important than retracement levels. The low in the GDX, so far is 22.05, which is just above the 23.6{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level of 21.93.

ST COMMENTS: AS I SEND THIS OFF, GDX LOW IS NOW 21.83!

We note that gold is still well above the 1279.70 level, but we are also watching the triangle formation!

Thanks!!

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