GDX: Out of the Blue
This is GDX’s motto only literally because its descent from the blue zone between $43.86 and $39.30 was far from unexpected and indeed completely in accordance with our primary scenario. After completing wave (b) in blue in the blue zone, GDX has established itself on its way downwards, and we expect it to continue this trend into the magenta zone between $27.49 and $19.52 below the support at $28.83. There, GDX should finish wave (c) in blue and wave ii in magenta before rising above the resistance at $40.13. There is a 30% chance, though, that GDX could break through the bottom of the magenta zone and drop below the support at $16.18.
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