On Friday Pound stopped right on a monster level, so the move up might be done, at least for a while. However, it likes deep W4s testing W2 highs (in a downtrend), so one more impulse to 1.4260-70 won't be any surprise.

gdx - green line is A - looking for C=A. median line traders were looking for a major reversal at the upper line - this is why median line work in conjunction with other ta, such as fibs, and ew work, is more powerful, and helps prevent a trader from looking for a major reversal when a B wave is setting up, or a wave 2 or 4.....the blue median line set was in fact useful for finding the end of A

.886 now at 23.43 fwis

I'm thinking a little closer to your green ML, if it gets any traction. But, yeah, this is the test of the test of the test, etc. of this 'bearish' area, all the way down from the weekly. Too many tests. I think it will most likely resolve to the upside. But it isn't showing any strength to speak of off that nice setup we just had. Enough to have some cushion now, though, so we'll see.

Originally posted by rat89

algo at 210.06 if they want it

Click image for original size

The setup I meant was at 9:42 AM.

Correction in the Pound seems done. New highs for the move soon.

Sure looks weak for something sitting a tiny fraction off a new high for the move, and a stone's throw from new all-time highs...

That's the mantra of the modern trader in this day and age...

Originally posted by MarcinO

Correction in the Pound seems done. New highs for the move soon.

agree.....usually when you get too many tests it's just going through.....but then sometimes it falls in the category of "what would surprise the greatest number of traders the most?"

Originally posted by jimkane

I'm thinking a little closer to your green ML, if it gets any traction. But, yeah, this is the test of the test of the test, etc. of this 'bearish' area, all the way down from the weekly. Too many tests. I think it will most likely resolve to the upside. But it isn't showing any strength to speak of off that nice setup we just had. Enough to have some cushion now, though, so we'll see.

Originally posted by rat89

algo at 210.06 if they want it

nice final push for gdx to .67......basis 23.67 I have wave B targets at 20.80 for .618 and 20.02 for .786

This thing, so far, has absolutely no juice.

Yes, exactly. But, it has a super-weak look, and my experience is in scenarios like this, that's usually manufactured. But not always. It's about odds. Sometimes that means it really is weak. Just not very often nowadays.

Originally posted by rat89

agree.....usually when you get too many tests it's just going through.....but then sometimes it falls in the category of "what would surprise the greatest number of traders the most?"

Originally posted by jimkane

I'm thinking a little closer to your green ML, if it gets any traction. But, yeah, this is the test of the test of the test, etc. of this 'bearish' area, all the way down from the weekly. Too many tests. I think it will most likely resolve to the upside. But it isn't showing any strength to speak of off that nice setup we just had. Enough to have some cushion now, though, so we'll see.

Originally posted by rat89

algo at 210.06 if they want it

It's been a wonderful week for me. I want to thank everybody for their comments and charts and I'm really happy to be included here. This is a breath of fresh air to be with a group like this. Thanks to all for putting up with my "newbie" questions and learning process. Hopefully I can climb the learning curve and be up on the slope where you all are! Everybody have a great weekend and will see you on Monday!