Elliott Wave Counts For Gold, Silver, & GDX
Nov 1, 2018
On the Intraday Chart the internal wave structure still looks constructive for the bulls, so we are still expecting higher prices ahead, and we are likely working on the tail end of a wave !iv! of $iii$ correction.
Within wave $iii$ we have adjusted the location of the end of wave !iii! to be 1236.90, as shown on the chart. If that is the case then we are now falling in wave !iv! of $iii$.
We suggested wave !iv! of $iii$ will likely test the 1220.00 level, which we are doing now. Upon completion of wave !iv! of $iii$ we expect one more rally in wave !v! of $iii$ to complete all of wave $iii$.
Our initial projected target for wave $iii$ is 1270.70.
We continue to work on the assumption that all of wave ii is complete at the 13.96 low and that have we started to rally in the initial phases of wave iii. On the daily silver chart we have shown our initial wave count for the start of wave iii higher.
Within wave iii it now looks like wave $ii$ is still underway, so we should expect one more drop to reach at least the 14.26 level to complete a three wave correction as shown on the chart.
Once wave $ii$ ends we expect a sharp rally in wave $iii$.
This suggests one more drop below the 18.82 low is required to complete this formation and likely all of wave -ii-.
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