First published on Saturday May 6 for members of ElliottWaveTrader.net:  Last week, I noted that we still likely have lower levels to strike in this complex, but that I expect the market to set up a bottom very soon.  I still maintain that expectation as I write this.

In my last weekend update, I noted that we still needed to complete waves 3, 4 and 5 in this (c) wave of wave (2) in the GDX.   We now have the minimal number of waves in place to the downside to consider it complete.   However, we did not strike our ideal target of 20.31, where (a) would equal (c), nor did we see a full 5 waves up off the lows we struck this past week.   So, since we do not have any confirmation that a bottom has, in fact, been struck, it leaves the door open for the market to still strike our target.

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