The model from the backlink seems to be working still but it strikes me that if I use my W3 rule above all other considerations that we might only be working on 5 of 1. This is an "out there" approach to wave counting to say the least so take it FWIW but I have provided the two opposing model counts below so that you can watch them and not just assume the current move up is the initial wave of 3 or C up. On the left is my original count and what I would consider to be conventional. On the right is where w3 is considered first and the rest of the count revolves around it. Both should be bullish GDXJ/JNUG for the next day or two but if the W3 scenario is correct then we will see a big a-b-c pullback to the level of the prior 4th (at least if not back to the 50 or even 61.8 fib). That blue 2 (or perhaps it should be blue b) is something you do not want to hold JNUG through. It would be a great place to swing short into JDST until the a-b-c is done.
Monday, January 26, 2015
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