I'm seeing wave C possibly shaping up as an ending diagonal to complete wave 2 of the larger degree correction.
If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower.
This would be an excellent opportunity to catch the following impulsive wave 3 up which will very likely take the GDXJ all the way up to 100 and above.
If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower.
This would be an excellent opportunity to catch the following impulsive wave 3 up which will very likely take the GDXJ all the way up to 100 and above.
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