Gold $1266: Just A Short Rest Stop
Dec 20, 2018
Within wave .iii. we are now working on our first impulsive sequence, as shown on our “Daily Gold Chart”. Within that first impulsive sequence we believe that we are working on a subdividing wave $iii$.
Within wave $iii$, wave !i! ended at the 1246.00 high and all of wave !ii! at 1196.60. We are now rallying in wave !iii!, which has an initial target of:
We do have an initial projection for the end of wave ?iii? at the 1266.00, and a second one at 1300.30. Once wave ?iii? ends we expected a small correction in wave ?iv? as shown on the chart.
We are now working on the assumption that all of wave ii ended at the 13.86 low and that we are now starting to work higher in the initial stages of wave .iii.
We should expect to see a very big up day in silver in the very near future to confirm this assumption.
We have now broken and closed above our red downtrend line that is shown on the “Daily Silver Chart” that connects 17.35 and 14.92. Silver should move higher now with our next resistance level being the 14.90/14.95 level, as shown on our chart.
We see higher prices ahead. Unfortunately, we need to clear major resistance at the $21 area for this market to accelerate higher. The good news is we expect this will occur sooner than most analysts think it will.
If that is the case then we should now be generally moving higher in wave ^iii^, as the next big event in this market.
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