GDX gold miner's ETF has a breakout

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GDX did not make new lows with the broader stock market in March.

It has now broken above the descending trendline with bullish Cup and Handle & inverted Head and Shoulders (H&S) patterns.

The EW count is also bullish for a further upside. It has been a great run up for this ETF from a low of 15.5 and is likely to continue at least till at least 55 based on the initial H&S target.

However, if Gold and the broader markets turns lower we may see a de-leveraging (C) wave to complete wave IV (green count).

The more bullish alternative is that wave IV was in at 15.5 and that we will see much higher prices soon. However, this seems less likely due to the impending correction in gold and in the broader markets.

Long Bonds deteriorate rapidly

Long bond futures accelerating downwards for now. A possible count shown below, but we may also have (i)-(ii)-i-ii-1-2 here. Very bearish looking chart indeed.

Natural Gas Update

Pretty textbook impulse. c or 3rd wave in progress. Let's see how far it goes.

Great Indian Bull Market

India ETF showing clear impulsive rise from March.

Also the correction from the top seems a 3 wave affair rather than 5 five waves. The October 2008 low was not lost this year.

This clearly indicates that a bull market seems to have begun and we are in wave (1) of III. A correction seems to be imminent, and a higher low would be confirmation of this. That would be a great time for long term bull market trade.

Natural Gas Update

Three possibilities:
1. Wave (5) & C is complete
2. Expanded flat wave 4 (not shown)
3. Expanded flat wave (4)