Elliott Wave Counts For Gold, SP500, & GDX
Jun 25, 2018
Short Term Update:
This count for all of wave *ii* is shown on the daily gold chart. Within wave *ii*, we should be working on wave !v! of ^c^, which has a minimum target of 1238.30, which is the wave ^a^ of *ii* low.
We expect further weakness in the gold price, at least until we reach the 1238.40 low.
Short Term Update:
Within wave *c* we should be moving higher in wave ^v^, although we are still waiting for confirmation at the all of wave ^iv^ is complete at the 2743.19 low. Our minimum target for its completion is the wave *a* high of 2801.90.
Since we are working on an ending diagonal triangle pattern, we need to watch for a break below the lower red trendline to announce the completion of the pattern.
Typically, a break of the lower trendline of a rising diagonal triangle is violent!
Short Term Update:
The GDX was higher in Friday’s trading session. The wave counts mystery of GDX versus gold has been solved, as gold has finally moved lower, as the GDX action suggested it would.
We have updated our current count as shown on the daily GDX chart to indicate that we are still heading to our minimum target of 20.84 to complete all of wave ii. The end of wave ii in the GDX should also be marked by the end of wave *ii* in gold!
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