Long Term Forecast – VanEck Vectors Gold Miners ETF (GDX)

In the last update on November 23 I mentioned that GDX would confirm a multi-month further decline if the monthly candle closes below 35.52. Well, it did and completed a very strong bearish build-up on the monthly scale – Spinning Top, Harami Cross, Three Black Crows and Tower Top. Honestly, I don’t know what kind of miracle needs to happen, so that the odds are immediately back to the bullish side.

I believe that GDX has started wave iii of 3 of the major decline in wave C. The proposed wave structure is supported by technical indicators and candles combinations on various time frames.
Targets:
1. The top of wave iii is projected by red fibs, 1.618 of wave i, approximately $22-23. Timing by channel – in the next 3-4 weeks.
2. The top of wave 3 is projected by green fibs, 2.414 of wave 1 started in August, approximately $18-20. Timing – the first half of February 2021.
3. The top of wave C – 3 fibs of both green and red, approximately $11-13. Timing – end of March – beginning of May.
On the Mid Term chart I have adjusted a channel as wave ii completed.
Note that on my Very Long Term chart I did not move a single graphical element since the previous update.
We will see how it plays and I hope it helps.

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