ABX represents over 10% of GDX as of today. Unlike GDX, Barrick Gold bottomed in Sept of '15 and held wave (2) support in Dec '15. The Jan '16 low (THE LOW in GDX) appears to be wave 2 of (3) here (not annotated). The green count needs to hold today's low and GO. Two other possibilities are indicated:
a) wave 1 is completed and wave 2 is forming an expanded flat. Having recently completed the b-wave, today's drop likely begins an impulsive c-wave back to at least 16.24. The lower portions of my wave 2 box seem unlikely, but only below 11.10 would impulsively would this alternate bullish count seem questionable.
b) Wave (5) is forming an Ending Diagonal illustrated with purple. Several other miners have similar possibilities, including GDX itself. This channel is not fully formed and certainly may have a lower slope than shown. Breaking 16.24 would clearly invalidate this potential.
a) wave 1 is completed and wave 2 is forming an expanded flat. Having recently completed the b-wave, today's drop likely begins an impulsive c-wave back to at least 16.24. The lower portions of my wave 2 box seem unlikely, but only below 11.10 would impulsively would this alternate bullish count seem questionable.
b) Wave (5) is forming an Ending Diagonal illustrated with purple. Several other miners have similar possibilities, including GDX itself. This channel is not fully formed and certainly may have a lower slope than shown. Breaking 16.24 would clearly invalidate this potential.
