Metals and Miners appear to have finished their short-term rallies and the Fed minutes sparked a strong volume selloff like we thought possible. In Elliott Wave Terms: Miners completed their minor b-wave advance and a powerful c-wave lower to the June target area just ignited.
-GDX- The rally from the $23.34 temporary low is complete, and prices will travel to the June target box which will become the intermediate term cycle low.
-GDXJ- Prices finally closed below the advancing trendline from the January low.
Ideally, there will be follow through lower tomorrow; GDX closed at the lows of the day, and that sometimes precedes a sharp move lower the following day. All color codes will remain active until there is sufficient confirmation.