JAN 23 intraday gold/gdx #2



The sell-off in gold has increased pretty much as expected, as we now have reached a low today of 1284.60. In spite of this drop, the options that we talked about in today’s Morning Post both remain valid. We continue to

lean towards the triangle option as the preferred outcome for all of wave ^iv^. If the triangle is unfolding then wave *c* of that formation may have ended at 1284.60. Only a break below 1279.70, would eliminate the triangle option.



Although we did not show this projection on the latest 60 Min GDX chart, the .c.=.a. target for wave -iv- is 21.83, with today’s current low being 21.83 also. The 21.83 low is now within our 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement zone. No sign of a bottom, yet however.