Elliott Wave Counts For Gold, Silver, & GDX
Nov 15, 2018
On the intraday chart the move from the 1239.30 high to the current low of 1196.60 has been corrective looking, so when it ends (which could be at the 1196.60 low), we should start to move higher again, and that move may have just started!
Based on the fall in gold on Friday, we have now relabeled our internal count for wave $iii$ to suggest that all of wave !i! ended at the 1246.00 high and all or most of wave !ii! ended at the current low of 1196.60.
We are now waiting for wave !ii! to officially end, after which we expect a sharp wave !iii! higher, as shown on the chart.
For our current analysis to remain valid we really did not want to see gold trade below this level, and today’s “super pop” higher from that area likely validates our bullish analysis!
Silver was lower in yesterday’s day session and that trend continued in the overnight session as we have reached a low of 13.86. We are currently trading at the 13.96 level.
As you can see on the “Daily Silver Chart” we have updated our current count, and adjusted where our wave .b. triangle actually ended.
We have now satisfied the minimum requirements for a completed wave .c. and are now waiting for confirmation that all of wave ii is complete at the 13.86 low.
We just adjusted our short term count to show that all or most of wave -ii- should now be complete at the 18.26 low… just in time for today’s surge higher!
Once this correction ends we should start to move sharply higher again, in wave -iii-.
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