Corrective Gold Pullback

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.