Elliott Wave Counts For Gold & Silver
Aug 23, 2018
We are now challenging that high, and we will see if we break through and close above it in today’s trading session. We will provide our initial projections for the end of wave .iii. only when we are sure that all of wave .ii. is complete at the 1167.10 low.
This will be our alternate count for the time being. Gold remains acutely oversold and at record extremes along with various other technical indicators, which is foretelling of a sharp rally ahead… but a final panic selloff may still occur!
So, we are waiting for confirmation that wave .ii. is complete at this low, and that a very strong wave .iii. rally has begun.
A rally above the 15.25 level would likely confirm to us that all of wave ii is complete at the 14.31. low.
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.
Trading Recommendation: Go long silver. Use a put as a stop. Aggressive traders should consider adding to long positions here.
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