Elliott Wave Counts For Gold & Silver
Jul 25, 2018
Short Term Update:
Per our wave counts for now, we need to trade to at least the 1204.00 low, one more time, to satisfy the minimum requirements for all of our wave *c* and wave .ii. to be complete.
I believe we have that type of sentiment right now.
Upon completion of wave .ii. we expect to see gold trade above very strong resistance at the 1360.00/1370.00 level, and likely into the 1500.00 area over the next number of months.
This count suggests we need to see one more drop to at least the 1204.00 low to complete the minimum requirements for all of wave .ii. to become complete.
Silver was higher in yesterday’s day session and again in the overnight session as we have reached a high of 15.63.
A rally and close above the 15.64 low, would be very good sign that the fortunes of silver have started to turn to the upside. Gold can make one more new low without silver having to do the same.
Also, like gold, silver has many indicators at extreme/record levels, which is also indicating a likely reversal in trading direction to the upside is imminent.
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