But what if they made mistake?What if the low made in January 2016 was only the bottom of wave ( 3 ) down? If we make that assumption then the structure of the move up that followed 2016 low would look like a perfect corrective (A)-(B)-(C) up bounce in wave ( 4 ) up! That count perfectly explains the incredible strength of that drop we saw on Friday. Check out the size of that huge red weekly candle. We have not seen such a huge candle since GDX made a lasting top at 66.98 in September 2011! That sends us a very important message. Specifically it says that this drop is a wave of a larger degree. That weekly count actually perfectly explains that drop. Under that count this is subwave (A) of wave ( 5 ) down. And that wave normally quickly pushes price to extreme made by the preceding impulsive wave ( 3 ) down. In this case that essentially means GDX may soon retest the low made by wave ( 3 ) at 13sh in January 2016!
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