If gold is setting up for a decline, the magnitude of 1-2-i-ii is impressive. A very modest Elliott Waves projection points towards $1740-$1660 area.
From the candles perspective, a closure below ~1850 today would form a Three Black Crows that normally signals an extended downtrend.
The three Bearish Alerts have been issued since June 1. The references are below:
Alert #1 on June 1:
Alert #2 on June 3:
Alert #3 on Jun 9:
GDX Weekly Analysis:
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