Starting to get Bullish… Look at 2HR Chart

— On Balance Volume turning up

— Wm%R(75) turning up

— ADX(14) starting to turn

— Wm%R(25) turning up

0705_IndicatorsGDX

Ahhhh… But if it were not for the EWO… I expect one more low… BUT it may look like the 1 labeled on the first peak eg, quick retest of low and then UP!!! Note, that CCI and RSI indicators are bullish but will be topping soon. Now here’s the deal from an Elliot Wave perspective  and/or my interpretation of EW… We just finished a (iii)… We should be in a (iv) up… Because (ii) was rather simple (i.e., abc) I expect (iv) to be complex (EW Rule of Alternation)…. Therefore, we can expect something weird (triangle, etc.) to form and to take time… then a retest of the low…

0705_GDX2HR

Hopefully I’m wrong and we continue down but charts aren’t saying that to me right now… Look at Daily GDX

— On Balance Volume is turning up

— Wm%R(75) turning up and all we need is divergence (in the simple case as discussed last week) eg. one more low in price but higher Wm%R value

— ADX(14) Red line turning down

— Wm%R(25) turning up

0705_GDXDailyIndicators

Guys this is a Bullish chart on the Daily… and will take time to turn down even to complete a (iv)….

0705_GDXDaily

hmmmm…. maybe Florian is right this time… Well he has been right a few times….