GDX update 2

Yesterday, I said that the formation of a pennant would likely lead to a bottom test soon. That bottom test is happening this morning. GDX has gone lower than its low from two days ago and is above that low at the moment. It has now formed a three day flag, but it may not be done yet.

The top between A and 1 was yesterday morning and should be labeled B. This is the wave count as I see it this morning. A triangle at 3 - C would indicate one final wave down to a bottom later today or possibly Monday morning. Gold has gone down some today, but has yet to test its bottom from two days ago. A buy appears to be possible soon.
Happy trading.