Just a Sunday morning update to GDX 2HR Wave Count shown yesterday. Looks like a Wolf Wave maybe in the works. It plays well with the EWO (i.e., expect one more lower hump with a higher price). Note how the a-b-c of this incomplete minor wave iv clearly shows on both the CCI and RSI.

0517_GDX_2HR

What prompted me to rethink the count was a review of the NUGT 2HR Chart (this is what I actually trade). The Zig Zag(3) didn’t like my count from yesterday. Note the shaded area would be a 100% retracement (a=c). 62% is probably more realistic.  Trade the indicators but at least we have some confidence that we go down some more then up and have some targets.  As I mentioned in my comments last night, we could just go straight down from here in a 5-wave count. Tight stops on any trades!!!!

0517_NUGT_2HR

Note: Wolf Waves are cool. Google is your friend to learn more but symmetry is all important…