Elliott Wave Analysis of DUST (Gold Miners Bear 3x Shares ETF) / Commodities / Gold and Silver Stocks 2019
The strong decline over the last fewweeks appears to argue for an impulse wave, I suspect it's close to ending a3rd wave, so an up-down sequence is still favored before it completes 5 wavesfrom the May 2019 high.
I favor its very close to seeing abounce for wave [iv], although I am still expecting to see further weakness forwave [v] thereafter once wave [iv] ends, however, I do think a new high on theGDX needs to be watched, as it too can end wave [iii] of an impulse wave,although in the opposite direction.
The better buy on DUST would be whenall 5 waves are completed, but for those that are long Gold stocks, and want toconsider a hedging strategy, then buying some DUST could be a good idea.
Alt idea
There is a way to actually count thecurrent decline as a 5th wave of an impulse wave from the May 2019 high,however the look on the GDX is not that great, so the preferred idea on DUST isthe idea shown above, but if needed then I would consider a possible peak inplace on the GDX and low in place to end 5 waves on DUST if we saw a muchstronger move above 14.00 - 14.50.
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