Elliott Wave Counts For Gold, Silver, & USD
Sep 19, 2018
Gold once again moved sideways in yesterday’s day session and in the overnight session. We are now trading at the 1210.50 level.
The good news is that we have also now satisfied all of the minimum technical requirements for a completed wave $ii$ at the 1192.70 low.
Our retracement levels for wave $ii$ are:
We will only be able to confirm that all of wave $ii$ is complete when we break and close sharply above the wave $i$ high of 1220.70.
We will provide and updated projection for the end of wave $iii$ when we are sure that all of wave $ii$ is complete.
For now, the good news is that will be our alternate count.
Silver also once again moved sideways in yesterday’s day session and again in the overnight session. We are currently trading at about 14.29.
Our first attempt at closing above the 14.34 level failed, but we suspect the next attempt will be successful.
Our overall analysis is not changed as we are waiting for the end of wave ii to occur, before we start to move sharply higher in wave .iii.
One more drop below the 13.96 low seems likely.
For the time being this will be considered our alternate count.
We have also shown a possible 3 wave irregular type corrective pattern, for wave $ii$, on the Daily USDX Chart and this pattern is suggesting one more push back to the 95.68 high to complete all of wave $ii$.
The retracement levels for this corrective pattern are:
The challenge we are having with that scenario is that on the Intraday Charts the drop from 95.68 to the current low of 94.18 currently looks more corrective that impulsive which is why are still suggesting a possible rally back to the 95.68 before all of wave $ii$ ends.
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