The latest price movement suggests that we are likely setting up for a big move upwards as wave iii of (iii), which in Elliottwave theory is seen as the most impulsive of waves. If the GDX moves above $24 in an impulsive way over the next few weeks, we would then be looking at a target of $30 within the next 3-4 of months.
If, however, the price doesn't follow through and drops below $21, this would invalidate the count and imply that the correction from the August '16 high is not over yet, though this count is still less probable due to the recent i/ii set up which suggest a bullish move is in the cards.
If, however, the price doesn't follow through and drops below $21, this would invalidate the count and imply that the correction from the August '16 high is not over yet, though this count is still less probable due to the recent i/ii set up which suggest a bullish move is in the cards.
