GOLD/GDXJ

UPDATE: Now we have panic sell off in gold too - even better. Dumping 1,2 billion on Friday and 2,7 billions overnight when no one can react... no it is completely normal trading:))) nothing artificial here.

Stay calm and be patient nothing has changed instead of a diagonal it is a normal impulse.
Follow the trading psychology - scary plunge(sellers shitting their pants), bounce higher(sellers exhausted), another move lower but weaker with divergences(Johnny-come-lately joins the party). This game is repeating all the time.

Here is the chart now watching 1128 for retracement and 1065 as a potential target for a low. Panic sell off usually lasts 5-7 days this was red day 6 in a row and the biggest bar. Long shadow for the candle already, which means the rebound is probably running already.

I have posted chart of the USD as a proxy for gold and said another 1-2 weeks before a bottom. Now if I look closer at GOLD and GDXJ charts, EW and cycles say the same another two weeks probably... so gold bugs have patience:)

Bounce from support level and break lower... this should be weak and hint that there is no more sellers. Alternate the selling is not finished another 2-3 days lower, than it is not a wedge just normal 5 waves.

It looks like a panic sell off to finish wave 3. Now some retracement expected and final move lower which should be weak an prove that sellers are exhausted.