The GDX 2HR chart has been bothering me with today’s price action…. A double Zig Zag may be forming…

0610_GDXDoubleZig

If we don’t Gap down or at least fall sharply tomorrow, my guess is that we will simple finish out the 3 of the Double Zig Zag and then go sideways for another Zig Zag. This just means that our (ii) of C will extend and drag out for a few more days… But if that is the case, I would also feel more confident that further downside is the direction as the NEM chart implies if NEM is a reliable predictor of our fate… Dollar futures are up — good for JDST… (Note price targets are guesses for the DZZ)…