Two near term targets shown… Back test seems to have held up on 2HR…

On the 15 Min wave (ii) completed at 50% retracement… Should be heading up in 5 waves for the (iii) …. Don’t get the idea that I’m real bullish ’cause I’m not… Top of triangle on 2HR chart is around 14… may be all we get….

0806_GDXUpdate1

I’ll get real bullish if the SPY really breaks down further… but then that’s counter to what I would expect… i.e., miners would eventually crash too…. hmmmm….. very confused….

Update 1: Very possible SPY bouncing off support to complete wave ii and is on it’s way north to the 2150 area… So far it’s dragging (literally) NUGT along for the ride… Key time to see if it can keep going!!