CastAway Trader
CastAway Trader Predict the Next Market Move

A week ago I nailed the very bottom of a corrective wave ( iv ) down in gold miners for subscribers of my Private Chat. Here you can read how that pullback was first predicted and then followed the path I predicted and arrived into the Green Target box. Since then gold and miners showed impressive strength and have made new higher highs. They keep following my count and are about to hit important resistance zone in a structure that looks 95% completed. GDX is about to complete wave 3 up and start a corrective wave 4 down.

posted at 9-35 AM on August 1, 2019:

GDX has opened with a drop into the Demand Zone.

GDX 15 min chart updated at 9.35 AM on 8-1-2019

As you can see on the chart below, the drop that bottomed on August 1, 2019 was only a minor wave ( iv ) down. Off that low we got another rally to new higher highs in wave ( v ). That is the final wave that concludes the strongest part of the rally in wave C of 3 up. As soon as it tops out we should get a correction of bigger size in wave 4 down. That correction will drive prices back down at least to the lows made on August 1. Yesterday I sold significant part of my long term core portfolio of gold miners. I will be closely monitoring development of that topping setup on a micro scale for subscribers of my Premium Chat.

GDX daily chart updated on 8-8-2019