Elliot Wave Counts For Gold, Crude, & GDX
May 28, 2018
A break and close above that line should see gold accelerate higher in its continuing wave $i$ of ^iii^ rally.
We appear to have started a wave ^iii^ rally higher now. Wave ^iii^ should subdivide into a five wave impulsive sequence of which we have now working on wave $i$ of ^iii^.
Our first projection for the end of wave ^iii^ is :
^iii^ = 1.618^i^ = 1486.80.
Trading Recommendation: Go long gold. Use put options as stops.
Active Positions: We are long, with puts as stops!
Short Term Update:
We are expecting a very quick drop, likely down to the 66.66 level. A break and close below our last diagonal triangle formation, which is marked by our lower red trendline should see crude plunge lower!
We should expect crude to fall for next 3 to 6 months in wave *c*.
The rally from the wave *a* of .ii. low of 39.19 is not impulsive looking, and we believe that crude is correcting in a complex wave .ii. pattern. If this observation is correct then it will be heading back to the 39.19 low again.
Once wave .b. is complete we expect a sharp drop in wave .c.. Our minimum target for the end of wave .c. is the wave .a. low of 27.73, but we do have lower retracement levels as shown on the Weekly Suncor Chart.
Trading Recommendation: Short crude. Aggressive traders can short Suncor NOW, risking to 43.00.
Active Positions: We are now short, with a call option as a stop. We are short Suncor, risking to 43.00!
Short Term Update:
Investors need to stay focused on the Captain’s big wave higher that ends near a price of $49 for GDX!
Our current counts for some long term charts as follows, although we could see some updates based on where the GDX is heading:
Kinross: We completed wave -ii- at 2.88 and we are now rallying in a subdividing wave -iii-. Within wave -iii-, we should move higher in wave ^iii^. The alternate is that wave -ii- is not complete at the 2.88 low and that Kinross will move back to that level before are of wave -ii- is complete.
Barrick: Wave (ii) ended at the 11.07 low. We have now start to rally in an explosive wave (iii), which has a projection of 39.47.
HUI: Wave ii ended at the 170.81 low (as shown on the Long Term HUI Chart for subscribers only). A subdividing wave iii higher is now underway, with wave ii ending at the 168.45 low.
XAU: We completed wave -ii- of (iii) at the 75.65 low and we are now rallying in a subdividing wave (iii).
Trading Recommendation: Buy all of the above gold stocks and indices, for a long-term hold.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD… with no stops!
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