A little lower projection than I had before. The A=C target would be 15.32 (original 100% retrace target) but the current move down looks stronger. A slight shift down in my wave count would target the 138% retrace at 13.05 and could even go as low as 11.65 for the 162% retrace. The move down to 15.32 will be hard to trade (i.e., not recommended)… However, the (iv) up should be tradeable (IMHO)… The key is to watch the EWO. A lower price but higher peak will mark the end of this move down (i.e., (iii)). Sell on trigger line crosses of key indicators. Watch for an abc move up into a (iv)…. BUT if we go up in 5 waves instead of three then the low is in and we’re heading to higher highs…. Our trend charts will help determine this…  I’ve included two insets to show where I think we are at (yellow) and my Fib Projections….

0708_GDXEOD

Don’t get all picky with my Minuette wave counts — I don’t really guarantee them, however, my Minute and Minor wave counts should be close… Also as a reminder EWO counts are different than EW counts… In EWO terms the highest or lowest peak is ALWAYS a 3. This may or may not line up with EW counts!!!!