CastAway Trader
CastAway Trader Predict the Next Market Move
Let me show you another great case where Harmonic Elliott Wave theory accurately predicted not only move up but also a reversal zone and the following drop in GDX.

On January 22nd I warned my subscribers: "GDX - it may continue grinding higher"

In the report posted on 1-22-2020 I wrote:

“The structure of that rally off the low made by GDX at 27.61 on January 14 is ugly. It looks like a textbook corrective a-b-c up structure. That is one of the reason I believe that is a corrective bounce in wave -b- up. Today it curled down but because that is a wave b that can come with an ugly structure that does not mean much. It can continue moving higher tomorrow. I added three extensions of subwave a of that wave -b- up:

– 76.4% ext of subwave a up = 29.17, and

– 100.0% ext of subwave a up = 29.47, and

– 123.6% ext of subwave a up = 29.77;

– 100% and 123.6% are very possible targets for that move up.”

GDX - 90 min chart updated at 11-10 AM on 1-22-2020

When price gapped up and hit the Target Box I reaffirmed my bearish outlook:

Three trading days later, on January 27th GDX has opened right inside that Red Target box. That morning at 8-55 AM EST I posted a report saying:

“Look how ugly is the structure of that move up off the last low made at 27.61 on 1-14-2020 I maintain my bearish out look for GDX. It can drop down to 27.50 – 27.00 once again in subwave -c- down that would complete a larger corrective wave ( b ) down.”

GDX - 90 min chart updated at 8-55 AM on 1-27-2020

GDX dropped hard after it got Rejected by the Red Target box

After my bearish report posted in the morning GDX was going down the whole day. In that report posted at 10-17 PM I reaffirmed my bearish expectations again:

“This count suggests impulsive move down in the final subwave -c- down. It may push price back down to 100% ext of subwave -a- = 27.19. That move down would complete a larger corrective wubwave ( b ) of wave ( v ) up.”

GDX - 90 min chart updated at 10-17 PM on 1-27-2020

The following day decline continued...

At this point there is no any signs telling us that this drop in GDX has completed. Ideally it should extend to at least 27.19, which is 100% ext of subwave -a down. But it may extend to 109.2% ext at 26.96. That drop should complete a large corrective subwave ( b ) down and set stage for another strong rally in wave ( c ) up that would complete the Five Wave up fractal that started at 20.14 in May 2019.

GDX - 90 min chart updated at 10-45 AM on 1-28-2020

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