Has GDX Ended an Approaching Correction?

4 Hour GDX

Following yesterday’s whipsaw decline that slightly violated the Jan 26 pullback low at 21.13, the action the Market Vectors Gold Miners ETF (GDX) today – the dip to 21.30, towards the rally to 21.98 imbues the near-term chart pattern with the view of a finished corrective period from the Jan 21 high at 23.31 to the Jan 29 low at 21.08, which if perfect, – that should boost GDX to the 24.00 area next, on the way to 26.00 subsequently.

Only an unexpected downside reversal and decline below 21.08 will refuse my current outlook.

Following yesterday’s whipsaw decline that slightly violated the Jan 26 pullback low at 21.13, the action the Market Vectors Gold Miners ETF (GDX) today - the dip to 21.30, towards the rally to 21.98 imbues the near-term chart pattern with the view of a finished corrective period from the Jan 21 high at 23.31 to the Jan 29 low at 21.08, which if perfect, - that should boost GDX to the 24.00 area next, on the way to 26.00 subsequently. Only an unexpected downside reversal and decline below ...
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