GDX Weekly starting to look BULLISH. CCI, RSI, and SlowSTO are close to trigger line crosses. FastSTO has crossed. ULT pointing up which is Bullish. I expected the minor (ii) to have a little more downside. This is the Weekly chart so let’s look at the Daily and 2 Hour.

0609_GDXWeekly

Note that I have brought the Daily and 2 Hour GLD and GDX charts inline with each other. They have very similar charts right now.

GDX Daily trigger line crosses across the board to the upside today pretty much confirms that minor (i) has completed and we’re headed up into minor (ii). Note that the Fib Projection for minor (i) was 18.13 and we got 18.67. I’m looking for a retrace to either the 50 or 61.8% Fib. A 50% retrace would be normal for a wave 2… Based on a retrace to the 50% Fib, minor (iii) could extend down to 14.84 which would be at the 161.8% Fib retracement. A 38% retrace normal for a wave 4 would put minor (iv) at about 17.25 then down. These projections actually surpass the 100% measured move target or 15.32 for the ABC.

0609_GDXDaily

GDX 2HR: Trigger line crosses across the board. EWO price divergence achieved. Minor (ii) target should be reached in a day or two in an abc fashion

0609_GDX2Hour