Usually 4 months off the first bottom sees a 70% correction of the advance. We should see that in Feb, but first much higher prices with the POG at 990 by Feb 2 and the GDX 44/45 by Feb 6. A test of the down trend line first tho' is in line with snap back behavior. I don't see this as a wave five as the wave structure doesn't fit, but all the same it doesn't matter, for all itents and purposes it is acting like one.
GDX 44/45 seems too high in Senor's opinion, but we'll see.
BSing away
Senor
