- Market Twists & Turns by BraVoCycles Newsletter
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- Nervously Awaiting Another Push Higher
Nervously Awaiting Another Push Higher
Gold Miners or Metal
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GDX Then
On 3 October, I posted below:
In February, I pointed out the GDX, gold miners' ETF, opportunity, as its price did not reflect the advancement in gold's price.
GDX rallied about 60% since then.
There are two ways to count GDX in terms of Elliott Waves: black and green.
The daily cycles suggest a consolidation/pullback into 2025.
The weekly cycles indicate that the dominant cycle will not peak until 2026.
Given the cycle picture, I favor the green count.
Read our Oct 3rd blog: Cash is As Good As Money
GDX Now
Here is my update.
The black Elliott Wave count is now preferred, and the price evolution path is shown.
The cycle turning points have not changed noticeably.
If my estimate of the pullback target for (B) turns out to be correct, the ideal target for (C) will be 61.
Of course, it could be 61 +/-. But it will be almost double the price from (B) to (C).
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An interesting chart describing how the stock market works.
This chart shows how things work in #StockMarkets.
#SPX $SPX #SPY $SPY #ES $ES #DJI#NDX#StockMarket— BraVoCycles Newsletter (@BraVoCycles)
7:11 PM • Nov 11, 2024
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Look out for Wednesday’s newsletter. We will look at AAPL…
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