Miners have been a tough trade lately, especially for bulls like me that had become accustomed to shallow retraces. I'm treating this bounce as a corrective rally unless an impulsive move takes out HUI 286.05 strongly. Targets for yellow waves (3) through (5) will have to wait for confirmed completion of wave (2). White wave 3 of (3) could be expected to reach 463, hold 332 in wave 4 of (3), then stretch to at least 645.75.
Remember, the placement of labels are meant to suggest price targets, not timing.
Similar patterns are possible on the GDX and GDXJ ETFs as well as a large number of individual mining stocks.
Remember, the placement of labels are meant to suggest price targets, not timing.
Similar patterns are possible on the GDX and GDXJ ETFs as well as a large number of individual mining stocks.
