After reviewing the 30 Min Chart this morning, the question remains do we have further downside to finish the (iii) of C or did we actually start the (iv) of C on Friday. Also I wanted to incorporate Neil’s comments as well and point out that the C wave down could be satisfied by either the 62% retrace down to 18.60 or to the 78% retrace of 18.25.

0607_GDX2HRUpdate

Now a look at the 30Min Chart. Friday completed a 4th-Push Down. Chart indicators are telling me that we will either retest Friday’s low or truncate somewhere short of it. Just a heads up. As noted on the chart a 5th Push Down is rare in my experience so I don’t expect the price to go down much further … We should be starting the (iv) of C up on the 2HR chart Monday…

0607_GDX30Min