$$ Poised for Breakout?

As seen in the chart below, $GDX is on the verge of testing an old RSI bear divergence line. Often when bear divergence lines fail, price can accelerate upwards.

In addition, $GDX has completed a 5-point Wolfe Wave bullish descending wedge and has started to move upwards. As explained in the chart, the Wolfe Wave has both a price and time target. Price is forecast to hit the 1-4 line about the time the 1-3 and 2-4 lines bisect.

In other words, if the RSI bear divergence line fails, I would not be surprised if $GDX goes to ~$43 by ~end of next week in accordance with the Wolfe Wave.




For more chart analysis, see my Public Chart List at Stockcharts.