GDX - Possible horizontal triangle

13 Ara 2016

GDX may be making a horizontal triangle. If lower trend line breaks, one more move down should occur. Base of triangle is $22.25 - $20.14 = $2.09. Min target for C is $2.09 from trend line break. Watch for e wave to finish triangle up and then move toward lower trend line. FOMC meeting should help determine direction tomorrow.

$19.81 is .618 Fib retracement of upmove from Jan to Aug 2016.

Weekly MACD is below zero and bearish. Daily MACD is turning up but still below zero line.

14 Ara 2016

Not

E wave held as planned this morning. Lower trendline broken and 618 Fib touched. If 618 is broken gdx may hed down to $12.40 Jan bottom.