This week a candlestick pattern indicates the most likely direction for next week. How far this next wave moves may indicate which Elliott wave count is most likely.
Price remains within a consolidation zone.
On Balance Volume still has not given a signal.
More upwards movement was expected for the last week. The short term target was at 73.82. Price did move higher to reach 73.72 so far.
Upwards movement for the week has unfolded exactly as expected.
Both Elliott wave counts at the daily chart level remain valid. The larger picture at the weekly and monthly chart level remains the same.
On Balance Volume gives a weak signal this week that slightly favours one Elliott wave count over the other.
Overall, the larger trend remains the same.
Sideways movement continues within a small range. Within this range, volume and On Balance Volume may assist to indicate the most likely breakout direction.
GDX is bouncing exactly as expected. Some specific advice on what to look out for today is given to members about GDX.
Price has continued to move overall sideways for several weeks, which is exactly what the Elliott wave count expected for the bigger picture.
Two Elliott wave counts remain at the daily chart level. They both expect the same direction next.
Last week’s analysis expected an upwards week as price swings from support up to resistance.
A little more downwards movement was expected for the week but did not happen. Price remains within a consolidation zone.
Today more upwards movement was expected for Gold and either upwards or sideways movement for GDX. With Gold moving slowly higher and GDX moving slightly higher, this is exactly what has happened.
Downwards movement was expected for the last week, which is exactly what has happened.
Overall, a downwards swing was expected, with a small bounce to about 61.22 expected first. The bounce did not happen. Downwards movement has continued.
The main Elliott wave count expected upwards movement. A small upwards day fits this expectation.
Price remains above the invalidation point and within a small consolidation zone.