Gold, Oil, & Stock Market Update
July 23, 2021
We are now working on the assumption that all of wave (ii) is complete at the 1750.10 low and if that is the case we are now starting to rally higher in wave (iii). Our initial projection for the end of wave (iii) is:
(iii) = 1.618(i) = 2148.00.
On the intraday chart we appear to now have completed a small impulsive sequence from 1750.10 to 1835.00, which was have labelled as wave -i-.
We are now correcting in wave -ii-, which has the following retracement levels:
50% = 1792.40;
61.8% = 1782.40.
We have now reached our 50% retracement level for all of wave -ii-, so we need to be on guard for its completion and the start of a wave -iii- rally. We will provide our first projections for the end of wave -iii- when we believe all of wave -ii- is complete.
Note the potential head and shoulders bottom formation on our Daily Gold Chart.
Longer term our first projection for the end of wave ^iii^ is:
^iii^ = 1.618^i^ = 2687.80.
Longer term our current projected endpoint for all of wave *iii* is:
*iii* = 1.618*i* = 2306.30.
We have higher projections also.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
We have updated our count to suggest that we are still moving higher in wave i of C, and with wave i…
We now think that all of wave (iii) ended at 67.98, and we are now working on a large bullish wave (iv) triangle as shown on the chart.
Within wave (iv) we think that we completed wave (c) at the 65.01 low and that we are now rallying in wave (d).
Only a break above the wave (b) high of 76.98 would eliminate this current bullish triangle.
After wave (d) ends we expect a drop in wave (e) to complete all of the wave (iv) bullish triangle.
Trading Recommendation: Go long crude with a stop.
It looks like wave (iii) is extending further as shown on our 120 minute and daily SP500 charts. Our next projected endpoint for the completion of all of wave (iii) is:
If all of wave (iii) is now complete then we should expect a wave (iv) correction that retraces between 23.6 to 38.2% of the entire wave (iii) rally.
Active Positions: Flat!
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