Elliott Wave Technician: 1st Projection To $1661.80, 2nd Projection To $1993.70…Go Long Gold!

Gold’s weekly chart says to add to those positions now for longer-term gains. Here are the projections for silver as well…

by Captain Ewave of CaptainEwave

Captain Ewave

Gold & Silver: Key Wave Counts

Email: [email protected]

Website: www.captainewave.com

GOLD: 

Short Term Update

We continue to work on our wave *iv* correction, although it could be complete at the 1465.00 low.

Our retracement levels for all of wave *iv* are:

23.6% = 1495.70;

38.2% = 1451.30

We appear to have a clear 3 wave pattern within wave *iv*, as shown on our daily gold chart with the following projection for wave $c$ of that pattern:

$c$ = $a$ = 1469.00.

Our current low for wave $c$ is 1465.00.

We are now well within our wave *iv* retracement zone, so we need to be on guard for the end of wave *iv* and that start of our wave *v* rally.

Wave *iv* could still become more complex and even a bullish triangle.

A break of our red downtrend line that this is shown on the daily gold chart would be a good sign for the bulls.

Wave *v* and all of wave .iii. have an initial target of 1704.40.

 

Longer term, our first and second projections for the end of wave -iii-, as shown on the Weekly Gold Chart, are:

-iii-=1.618-i-=1661.80;

-iii-=2.618-i-=1993.70. 

Trading Recommendation: Go long gold. Use puts as stops.

We added to our long positions last week. 

Active Positions: Long with puts as stops!    

Short Term Update:

It now looks like wave .iii. is extending, with wave ^i^ of .iii. ending at the 19.75. We are now falling in wave ^ii^ as shown on the daily silver hart, although it could now be complete at the 16.94 low.

Our retracement levels for wave ^ii^ are:

50% = 17.01;

61.8% = 16.36.

We have now entered the top range of our retracement level with the current low of 16.94, so we need to be guard for end of the wave ^ii^ and the start of a very sharp rally in wave ^iii^.

We have another projection as follows:

$c$ = $a$ = 16.50.

We will provide our initial projection for the end of wave ^iii^ when we are sure that all of wave ^ii^ is complete.

Our first projection for the end of wave .v. and all of wave iii is:

iii = 1.618i = 26.09.   

Trading Recommendation: Long silver. Use a put as a stop.

We have added to our long positions.

 

Active Positions: We are long, with puts as stops!

Free Offer For Gold-Eagle Readers: Please send me an Email to [email protected] and I’ll send you our latest Wave Counts Tactics report! We analyse the wave counts for GDX and key individual miners!

Thank-you!

Captain Ewave & Crew

Email: [email protected]

Website: www.captainewave.com

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