The strong decline over the last few weeks appears to argue for an impulse wave, I suspect it's close to ending a 3rd wave, so an up-down sequence is still favored before it completes 5 waves from the May 2019 high.
I favor its very close to seeing a bounce for wave [iv], although I am still expecting to see further weakness for wave [v] thereafter once wave [iv] ends, however, I do think a new high on the GDX 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 when all 5 waves are completed, but for those that are long Gold stocks, and want to consider a hedging strategy, then buying some DUST could be a good idea.
Alt idea
There is a way to actually count the current 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 is the idea shown above, but if needed then I would consider a possible peak in place on the GDX and low in place to end 5 waves on DUST if we saw a much stronger move above 14.00 - 14.50.
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