Yesterday I posted a macro chart that argued that gold miners ETF GDX made a lasting bottom:
In the macro update I conclude that we may be watching start of a new strong rally in a wave ( 3 ) up.
On that micro 60 min chart (above) you can see a strong move up off the low that made the first higher high.
Seems like this first rally has an impulsive structure and has room to go higher:
Upon completion of the first five wave up rally off the September low we should expect a corrective a-b-c down structure making a higher low. Such a pullback would be an attractive setup to go long for the next impulsive leg up.