GDX - 2hr
Triangles are very uncommon in 2nd waves. I've taken another look at miners this awkward 2nd wave (white count) doesn't quite look right to me. Could it prove itself? Sure. However, targets for this current rise converge with fibs for a b-wave retrace (upward retrace), so I've drawn a red A-B-C alternative. This impulsive rise, should it continue as depicted, doesn't even have to reach the red B-wave target box before turning down hard in wave C of a larger (2). I'm on high alert...currently long but scaling back. Dropped all my short-dated GDX options yesterday and placed stop orders on several miner stocks. I'm gonna look over the HUI and metals charts for other clues into the metal/miner complex.
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