The majority were waiting for GDX to perform like gold itself, but GDX never even got out of the gate as we are still waiting.
GDX never cleared 2016 high while gold soared into the previous wave 2 which makes it a diagonal pattern.
Silver and much other gold-related ETF performed much less which makes all rallies fit a 4th wave bear market rally. Obviously, the public doesn’t know what an Elliott Wave bear market rally is, as they just use the standard 20% retracement description.
SLV is a prime example of how much difference is between GDL and SLV.
Even the Gold/Gdx ratio hasn’t changed that much at 53:1 and I want to see that number spread much more with 84:1 being on the cheap side of my ratio data base.