Elliott Wave Counts For Gold & Silver
Aug 8, 2018
Short Term Update:
Gold is very oversold and at record extremes with various other technical indicators.
It could now be possible that wave .ii. in silver is now complete at the 15.14 low, and that wave .iii. high could have now begun. We will give this market a few more days to confirm this observation.
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.
Like gold, silver has many indicators at extreme/record levels, which is indicating that a reversal to the upside is likely imminent.
Trading Recommendation: Go long silver. Use a put option as a stop. Aggressive traders should consider adding to long positions here.
Active Positions: We are long, with puts as stops!
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