“We expect this market to start to accelerate higher if our current analysis of gold is correct…”
March 6, 2018
Elliott Wave Counts For Gold, SP500, & GDX
Short Term Update:
Gold was nicer in the overnight session and we have crossed the 1330.00 level!
Although we are a little short of our 50% retracement level, of 1301.90, we are now working on the assumption that all of wave ^ii^ is complete at the 103.360 low and we have started a very sharp wave ^iii^ rally higher.
Our first projection for the end completion of wave ^iii^ is:
^iii^ = 1.618^i^ = 1509.30!
We expect that wave ^iii^ will subdivide into a clear 5 wave impulsive sequence of which are now working on wave $i$ of ^iii^. Wave $i$ should end around the 1363.00 level.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops.
Short Term Update:
The S&P was higher in the overnight session the S&P Futures are up about 11.00 points.
Wave .ii. is complete at the 2789.15 high and should therefore we falling in wave .iii. It looks like wave .iii. is going to subdivide into a 5 wave impulsive sequence of which wave *i* could be complete at the 2647.32 low.
If that is the case then we should now be rallying wave *ii*, which has entered our 50 to 61.8% retracement zone, which is:
50% = 2718.24;
61.8% = 2734.97.
If our current analysis is correct, we should see wave *ii* end very soon and then expect a very sharp drop in wave *iii* as the next big event in this market.
Trading Recommendation: Short with a stop at the 2873.00 level.
Active Positions: Very Short with calls at various levels as stops!
Short Term Update:
We expect this market to start to accelerate higher if our current analysis of gold is correct and today looks good to get that rolling!
Wave ii should be complete at the 20.84 low, and our sharp wave iii rally is now underway. Our first projection for the end of wave iii is :iii = 1.618i = 32.38.
We also expect that wave iii will turn into a 5 wave impulsive sequence, of which wave -i- of (i) of iii ended at 23.15 and we are now falling in wave -ii-, which could be complete at the 21.67 low, as we have reached our 61.8% retracement level for all of wave -ii-.
Our retracement levels for wave -ii- are:
50% = 22.00;
61.8% = 21.72.
Upon completion of wave -ii- we expect a very sharp rally in wave -iii-, to be the next big event in this market.
Barrick: Wave (ii) ended at the recent low, as shown on the Monthly Barrick Chart. We should start to rally in an explosive wave (iii) very soon, which has a projection of 41.68!
HUI: Wave ii likely ended at the 170.81 low, as shown on the Long Term HUI Chart. Wave iii higher should now be underway.
Trading Recommendation: Buy Barrick Stock, for a long term hold.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD with no stops!!
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Captain Ewave & Crew!
Email: [email protected]
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