by Avi Gilburt
Last weekend, I prepared you for the potential set up for the 3rd wave to much higher levels in the metals complex. More specifically, I provided you with a map as to how the 3rd wave set up would look on the GDX, should the market comply by filling in our 8 minute chart as outlined:
As long as we do not break below that support, and ideally remain over the 1.00 extension at 29.87, then I will be looking to complete 5 waves up off the recent low, which I would classify as wave (i) of wave 3 of iii. That suggests that after a corrective wave (ii) pullback is seen, and we then break out over the top of wave (i), the market is well on its way into the heart of its 3rd wave, and targeting the 39-41 region next.