Another small range day remains within identified support and resistance. A consolidation was expected to continue.
A small range inside day does not change the Elliott wave counts.
All three daily Elliott wave counts remain valid. Volume today supports the main Elliott wave count.
Price remains range bound. All Elliott wave counts remain valid.
This week’s GDX analysis may indicate which Elliott wave count may be more likely for Gold.
Sideways movement over the last couple of weeks still mostly fits the main Elliott wave count for Gold. A short term alternate is still provided.
With a sideways range day, the Elliott Wave counts remain the same.
Last analysis warned it was possible that lows may again be tested, which is what has happened today. The Elliott wave target at 1,295 was inadequate; the low for the day was at 1,288.56.
A bounce was expected to turn up within 24 hours, which is what has happened.
An upwards swing was expected to continue. Price has made a new high and downwards movement within the session remains above the invalidation point.
A downwards day was expected for Thursday, and this is exactly what happened.
The target is now calculated at two degrees to a small $1 zone.
For Friday’s session a pullback was expected after a slight new high. This is exactly what happened.
Downwards movement still remains contained within the channel and above the short term invalidation point. Sideways movement for Friday leaves the Elliott wave count the same.
Sideways movement during Friday’s session has reacted exactly off the upper edge of the channel given on the hourly Elliott wave chart.
A new short term target is now calculated for this downwards movement to end and a bounce to begin.