Saturday, April 16, 2016

Gold and gold miners(GDX):Ongoing formation of an inverted Head and Shoulders-EW count and Fibo levels

After a textbook impulsive wave up [1-2(flag)-3-4(triangle)-5], now gold is in a correction (a,b,c) leading gold price to support zone around 1160 or a bit lower.

When the current correction ends, a powerful wave 3 will ensue leading gold to 1450 level or higher.
About a month ago we posted the following chart regarding GDX (Gold Miners (GDX) long term bottom) which pretty much nailed GDX price move up to now.

Today we update our GDX chart: