[GDXJ] update

In the backlink I provided the model below, left.  It predicted one more nice wave down into a vee bottom.  The chart scales are off a bit.  The left model predicted a bottom around $19.20 while actual on the right was about 90 cents lower at the bottom of the dip.  Again, EW does not predict price levels as much as wave shape so the model was, from an EW perspective, completely correct.  Any dollar targets ever given in these pages are SWAGs based on the typical wave shape of the chart.

Having said that, most stock analysts are happy if they can make a turn call in the right month much less on the exact day.  Only Elliott waves can do this with any kind of accuracy IMO.  Everything else is just noise.  The news is noise. The fundamentals are noise.  The fed is noise.


Going forward, as long as the chart stays above that green horizontal my commodity bottoming model remains valid.  Everyone should be buying something golden right now.  Even if my model is off and even if you do not know how to use a stop loss, look at the chart.  GDXJ was at $180, now selling for $20.  How can you go wrong with that?  Will gold go out of style?  The most recent prior 4th is $45, more than a double from current prices.  What's not to like?  Use stops as indicated and your risk is low but reward is high.  Easy peasy.