Tuesday, March 31, 2015

Gold Miners: A possible EW count suggesting major break down

As we noted in a previous post(Gold and Miners:A temporary bounce?) Gold and Gold Miners (GDX) bounced at resistance zone of 1200-1210 and 20-20,5 respectively.They are moving now downwards possibly towards their support zones at 1140-1150 and 17-18 respectively.

A possible GDX Elliot Wave count suggests a break down of support zone and a move towards 7,5-10$.

A scenario like the above is in accordance with our old view(March 2014)(A deja vu for SPX ?) that major equity index- SP500 will top at around 2000 and then slide to a new bear market.
et tempora quidem ante erit difficile...