Gold, Dollar, & Stk Mkt: Big Waves In Play
Jun 1, 2020
We needed a break and close above the 1788.80 high to really see gold start to accelerate higher… and we got it on Tuesday!
Our initial projection for the end of wave $iii$ is:
$iii$ = 1.618$i$ = 1941.30.
Wave ^iii^ that has the following initial projection for its completion:
^iii^ = 1.618^i^ = 1967.10.
Our current projection for the end of wave .iii. is:
.iii. = 1.618.i. = 2306.30!
Trading Recommendation: Go long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
The other option is that wave -ii- is becoming more complex, as shown on our 120 Min SP500 Chart:
In the longer term our initial projected end point for all of wave (iii) is:
(iii) = 1.618(i) = 4001.14.
Trading Recommendation: Flat.
-iii- = 1.618-i-= 91.88.
It appears that wave *iv* could still be underway and becoming more complex then we had originally thought. If it is not already complete at the 97.70 high then after wave *iv* ends we still expect another drop in wave *v* of -iii-.
3 = 1.618 (1) = 47.20
Wave 3 is subdividing and we are still rallying in wave ^iii^ of 3.
Within wave ^iii^, we have updated our count to suggest that all of wave -iii- ended at the 37.49 high and likely all of wave -iv- at 31.22.
If that is the case we could be starting to rally higher again, in wave -v- of ^iii^.
Our next projection for the end of wave ^iii^ is:
^iii^ = 2.618^i^ = 43.32.
Trading Recommendation: Go Long GDX & GDXJ!
Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops!
Free Offer For 321Gold Readers: Please send me an email to firstname.lastname@example.org and I’ll send you our free short-term wave count charts and analysis for GDX and the CDNX junior miners index, and key breakout buy alerts for hot mining stocks!
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