GFI has been an interesting chart to look at from a Wyckoff perspective. GFI had been stronger than the sector group (Gold Miners J150). However, with the sharp decline was lagging the sector and now is again showing strength. After the initial decline we had a redistribution range with an upthrust after distribution (UTAD), some low volume tests of the UT and a Markdown. Then a smaller accumulation TR was formed on high volume and a nr 3 Spring (low volume spring) which often does not require test before markup. After the initial markup in Phase D we now we see a Backing UP (BU) action to the accumulation TR on declining volume. Once this is complete the mark up in Phase E of the smaller TR will start. This markup should reach the larger TR at around 4500 which will be also be the BU for the redistribution TR which could mark a further markdown of the larger TR. If it breaks 45000 back into the redistribution range this would be very bullish.
