Price has remained above 1,260.72 and so far has bounced up a little. Price remains within the channel on the hourly charts, so no trend change is yet indicated.
Price has moved lower for the week as a pullback continues. The Elliott wave counts now diverge.
Price continued lower changing the Elliott wave count for the short term. Hourly charts today will show all movement from the last swing high on the 16th of October.
Upwards movement was expected after last analysis, which so far is what is happening.
A slight new low in the last few hours changes the Elliott wave count for the short term, but not the mid or long term. This is still expected to be a B wave, which exhibits the greatest variety in structure and price behaviour.
A very small range weekly candlestick has moved price sideways and very slightly higher.
With an invalidation of the main hourly Elliott wave count below 1,276.10, the alternate hourly Elliott wave count now has confidence.
Last analysis expected long positions to be held for those with a longer time frame, and stops to be pulled up to just below 1,260.70. The target remains the same, and long positions should now have much less exposure to risk.
In last analysis, after the close of the New York session for the 18th of October, Elliott Wave Gold members were advised to enter long with stops just below 1,260.72. Those long positions should now be profitable.
Advice is given today on how to manage positions with targets and any adjustment of stops.
Three Elliott wave counts are presented below in the order in which they were developed, not in the order of probability:
FIRST WAVE COUNT
SECOND WAVE COUNT
THIRD WAVE COUNT
For most recent movement, this wave count has the best fit in terms of Elliott wave structure. It does look like a barrier triangle has recently finished, which may be cycle wave b.
If the triangle is correctly labelled, then this tells us two things, because it cannot be a second nor fourth wave and so may only be a B wave:
1. The breakout from this multi month consolidation should be upwards.
2. After an upwards wave to last one to several years, GDX should then turn downwards for wave C.
Published @ 02:20 a.m. EST.
Last analysis expected a pullback, which has arrived. The last three sessions have seen price fall for Silver.
Further downwards movement continued as the last analysis expected.