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GOLD Elliott Wave Technical Analysis – 30th May, 2014

Again I had expected to see a doji or green candlestick for Friday’s session. This is not what happened. I now expect the second wave correction is over, without showing up on the daily chart clearly. Summary: The short term target for Monday / Tuesday is 1,204....

GOLD Elliott Wave Technical Analysis – 29th May, 2014

I had expected to see a green candlestick for Thursday’s session, but price has moved a little lower. I have two wave counts for you today. Summary: The second wave correction still must complete. It has most likely begun. I will expect a green candlestick for...

GOLD Elliott Wave Technical Analysis – 28th May, 2014

The short term target was 1,256. Price reached down to 1,256.06, so far. The wave count is unchanged. Summary: I expect to see some upwards movement to complete a second wave correction at 1,273. This may complete a green candlestick for Thursday’s session. The...

GOLD Elliott Wave Technical Analysis – 27th May, 2014

Finally we have the breakout we were expecting, and as expected it is to the downside. Movement below the lower triangle trend line and below 1,283.43 has confirmed this. Summary: The short term target is 1,256 for the first five down to end. Once this is complete I...

GOLD Elliott Wave Technical Analysis – 26th May, 2014

With markets closed in the US for Memorial Day Gold has had a very quiet day, completing a small B wave triangle. The wave count remains the same. Summary: I expect to see a break to the downside by the middle of this week. Movement below 1,283.43 would indicate a...

GDX Elliott Wave Technical Analysis – 25th May, 2014

The structure of the daily chart for GDX looks remarkably similar to Gold. This wave count supports the current wave count for Gold. Click charts to enlarge. The clearest piece of movement is the downwards movement from the high. This looks most like a first, second...