i want to do an analysis of nem as it shows things quite well
from jan 2106 to aug 2016 we had a rally from about 16 to 46 which i am calling wave 1
we then pulled back in an A wave untilmid dec 2016 and we gave back 50 %
we then did a B wave from dec 2016 until early sep 2017 notice also
that the time from the top of 1 in aug 2016 to the top of the B wave in 2017 is about 13 months
we then did a C wave from sep into dec 12 which lasted about 90 days a little more
the C wave sure looks like 5 waves down to me.
so my take is we started wave 3 up on dec 12 2017
i choose this stock because its pretty clear and it has been one of the stronger stocks
i do believe the whole sector is following this pattern fwiw but it is pretty clear in nem
this is all fwiw so i am calling this pullback a wave ii within a larger wave 3
my target for gdxj of 72 has NOT changed and wont change unless we take out the dec 12 lows