It is my view we are in the middle of a corrective wave in a longer term bull market for gold and gold stocks. It is likely an A-B-C correction where wave A is probably complete now.
If our assumptions are correct, we could see GDX bounce to the 28 range in wave B and then fall further to the 22 to 24 range in leg C down.
Much of the action will be precipitated by tomorrow's jobs report and further Central Banker mutterings about an interest rate hike and ultimately the FOMC statement Sept 21st.
If our assumptions are correct, we could see GDX bounce to the 28 range in wave B and then fall further to the 22 to 24 range in leg C down.
Much of the action will be precipitated by tomorrow's jobs report and further Central Banker mutterings about an interest rate hike and ultimately the FOMC statement Sept 21st.
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