With GDX breaking out over 22.30, I've altered the alt count for wave 1. This MAY still be a high b-wave fake-out rally, but can't be sure unless an impulsive pattern in c of 2 begins to form. A high consolidation with push higher into alt 1 region above 24 could allow for alt 2. Again, I will NOT short this complex, but am looking at long entries.
The most bullish interpretation is that wave a was all of wave 2, in which case the miners are set to explode higher. Gold and silver have similar set-ups, but don't seem ready to explode imo.
The most bullish interpretation is that wave a was all of wave 2, in which case the miners are set to explode higher. Gold and silver have similar set-ups, but don't seem ready to explode imo.
