Captain Ewave says this rally could still extend further and challenge the 1378.00 high before it’s all over. Here’s the details…
Jan 30, 2018
Elliott Wave Counts For Gold, SP500, & GDX
Short Term Update:
Gold was lower in yesterday’s day session and for a good portion of the overnight session as we reached a low of 1332.80.
Gold has now recovered most of those overnight losses to be trading at the 1343.0 level!!!
On the Intraday Chart the drop from 1365.40 to the current low of 1332.80 looks like a corrective pattern, which could be suggesting that gold still wants to go higher within wave ^i^, or it could be part of a complex wave ^ii^ drop also.
We should be able to confirm in the next 24/48 hours whether wave ^ii^ is underway or whether gold still has legs within its extending wave ^i^ rally. We need to watch to see if wave $iii$ in the USDX is complete at the current low of 88.25.
It could now be possible that all of wave ^i^ is complete at the 1365.40 high, and in that case we should now expect gold to drop in our expected wave ^ii^ correction. However, we still are unable to confirm the end of wave ^i^, so this rally could still extend further and challenge the 1378.00 high, as shown on the Daily Gold Chart, before wave ^i^ ends.
Upon completion of wave ^i^, we should expect a wave ^ii^ correction that retraces between 50 to 61.8% of the entire wave ^i^ rally. We will provide those retracement levels when we are sure that wave ^i^ is complete.
Our first projection of the end of wave *iii* is:
Trading Recommendation: Short term traders that have taken profits can now wait until wave ^ii^ develops and ends to re-enter long. We plan to stay long and add at the end of wave ^ii^.
Active Positions: We are long, with puts as stops, and will add at the end of wave ^ii^!
Short Term Update:
The S&P was lower in yesterday’s day session and is currently lower again in the overnight session as we wait for confirmation that all of wave B is complete at the 2872.87 high.
With Daily Sentiment almost at 97%, a top is surely very near.
This market is in danger of a very big collapse, as many indicators are very stretched…. and getting more stretched as this market moves higher. If our current analysis is correct, we should expect to see a very large drop in the S&P… 100 plus points in the near future.
This is a now scary market for the bulls from an EWaves analysis point of view.
Trading Recommendation: Stay short and use calls as stops.
Active Positions: Very Short with calls at various levels as stops!
Short Term Update:
GDX was lower in yesterday’s day session. It could be possible that all of wave -i- is now complete at the 24.86 high. However, wave -i- could still extend and have the potential to rally to the 25.50/26.00 level, before all of wave -i- ends. We should be able to confirm whether wave -i- is extending of wave -ii- is underway in the next 24/48 hours.
When wave -i- does end we should expect a wave -ii- correction that retraces between 50 to 61.8% of the end entire wave -i- rally. We will provide those retracement levels when we are sure that wave -i- is complete.
Our first projection for the end of wave iii is:
iii = 1.618i = 32.81.
We expect the wave iii will consist of a clear 5 wave impulsive pattern, of which we are now working on wave (i) of that pattern.
Based on that we should expect the following from our current gold stocks/indices:
Kinross: Uncertain here. Nested bullish waves might be in play.
Barrick: Major low at 13.28, and we should now be heading sharply higher.
Newmont: Higher with nested bullish waves in play here.
SSR: Wave 2 still looks to be underway. Wave 1 ended at 19.53, back in July, 2016.
HUI: Higher now. See Monthly Chart
XAU: Higher now. See Monthly Chart.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD with no stops!!
Free Trades Offer For Web Readers: Send me an email to [email protected] and I’ll send you my next couple short term ewave trades for free!
Captain Ewave & Crew!
Email: [email protected]
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