GDX Ready to push Metals Higher

GDX has been consolidating within a Complex Corrective Structure which is most probably terminating its last legs.

According to the Wave Count on GDX, precious metals would become a Strong BUY soon.

Views:

XAUUSD - Bullish
XAGUSD - Bullish

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GDX bounced nicely to the up-side which what appears to be an Impulse.

Up-Trend almost confirmed.

Upper channel will be in focus for a possible break-out.

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Upper Channel Break-Out confirmed.
GDX would retrace soon for the second wave, then expected to resume the up-trend in an aggressive manner.

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Update:

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Retracement starting, will be looking for a Zig-Zag for Bullish confirmation on metals.

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GDX retraced 78.6%, Minute II would terminate at these levels and GDX could show a Rally, the biggest in 3 years.

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Don't get fooled by all this commotion:

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Wave Count updated: