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Friday, June 20, 2014

GDXJ

The GDXJ has broken the I-cloud resistance and now Bullish. I'm expecting the Price to Pullback after 'breaking' the last wave 1 High (dotted line). The only thing that concerns is the 'Dip' or the scallop in the cloud in the July Timing.The first small pullback at the cloud resistance is an 'a-b' wave in the 60 minute time frame, a good place for a retest.The price action does have a habit of pulling back into those areas of the clouds with the scallops. (Blue J)

As one can see the DMI is Bullish with the KST breaking the ZLR. Special K is Bullish
(long Wave).If the Harmonic Elliott Wave Mapping is correct this will be wave 3 of (III).

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