$31 looks like a minimal target for $GDX. $GDX closed today with a candle that signals a continued decline. If on June 18 it closes as today, $34.92 or lower, this would make a Tower Top on the weekly chart (above). If a Tower Top is complete, than $31 target would look like a pit stop before a real decline begins (candle’s perspective).
I hope this would not happen in that order and I am mistaken.
Btw, the weekly PSAR flipped bearish today. Last time it happened in August 2020.
From previous analysis: “If #GDX does not rally sharply from here till end of week, expect $31, $25, possibly $15 in the next few weeks/months.”
From Forecast on June 11:
I am expecting a possible bullish action at the beginning of the week and the red candles closer to the end. Based on the minor waves, there is also a chance of an immediate move down. If the next week closes below 38.01 with a red candle, it would open a path to 31, 25, and even to 15, the most typical Fibonacci levels for corrective waves, as marked on the monthly chart. This would also mean that a multi-week/month decline is ahead.
I’ll share my weekly analysis tomorrow.
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