Downwards movement was expected, again, and this has occurred.
Supported again by technical analysis indicators, the Elliott wave count remains the same.
Summary: Downwards movement should continue. Use the brown channel on the hourly chart to indicate where upwards corrections should find resistance. The target for the next interruption to the trend may be at 1,123 which may be met in three days time.
To see weekly charts click here.
Changes to last analysis are bold.
MAIN ELLIOTT WAVE COUNT
Click chart to enlarge.
The main wave count expects that cycle wave a is an incomplete impulse.
Within primary wave 5, the daily chart focuses on the middle of intermediate wave (3). Intermediate wave (3) has yet to show an increase in downwards momentum beyond that seen for intermediate wave (1).
This wave count has increased in probability with a new low below 1,162.80. Full confidence may be had in this wave count with a new low below 1,131.09.
Pros:
1. Intermediate wave (1) (to the left of this chart) subdivides perfectly as a five wave impulse with good Fibonacci ratios in price and time. There is perfect alternation and proportion between minor waves 2 and 4. For this piece of movement, the bear wave count has a much better fit than the bull wave count.
2. Intermediate wave (2) (to the left of this chart) is a very common expanded flat correction. This sees minor wave C an ending expanding diagonal which is more common than a leading expanding diagonal.
3. Minor wave B (to the left of this chart) within the expanded flat subdivides perfectly as a zigzag.
4. Volume at the weekly and daily chart continues to favour the bear wave count. Since price entered the sideways movement on 27th March, it is a downwards week which has strongest volume and the downwards day of 2nd July which has strongest volume.
5. On Balance Volume on the weekly chart breached a trend line from back to December 2013. This is another bearish indicator.
Cons:
1. Intermediate wave (2) (to the left of this chart) looks too big on the weekly chart.
2. Intermediate wave (2) (to the left of this chart) has breached the channel from the weekly chart which contains cycle wave a.
3. Within minor wave 1 down, there is gross disproportion between minute waves iv and ii: minute wave iv is more than 13 times the duration of minute wave i, giving this downwards wave a three wave look.
4. Minor wave 2 is much longer in duration than a minor degree correction within an intermediate impulse normally is for Gold. Normally a minor degree second wave within a third wave should last only about 20 days maximum. This one is 44 days long.
Minor waves 1 and 2 are complete. Minute waves i and ii are also complete. Gold may be ready to move to the strongest middle of intermediate wave (3).
Minute wave ii may not move beyond the start of minute wave i above 1,232.49.
Minute wave ii is now very likely to be over here. If it moves any higher, then it should find strong resistance at the blue trend line.
At 1,093 minute wave iii would reach 1.618 the length of minute wave i. If minute wave iii ends in a total Fibonacci thirty four days, then this target may be reached in another fourteen days.
Draw a base channel about minuette waves (i) and (ii) as shown (green trend lines). Look for upwards corrections along the way down to continue to find resistance at the upper edge of that channel. When the strongest part of downwards movement arrives, then it may have the power to break through support at the lower edge of the channel. For now this channel is perfectly showing where price is finding support and resistance. This channel is drawn in the same way on the daily and hourly charts, but the daily chart is on a semi-log scale and the hourly is arithmetic. Use the channel on the daily chart as a guide.
If the green channel is breached to the upside, then my wave count may be wrong. It is technically possible (but extremely unlikely) that minute wave ii could continue further sideways as an expanded flat or double combination. However, it may not move beyond the start of minute wave i above 1,232.49.
HOURLY ELLIOTT WAVE COUNT
Click chart to enlarge.
This hourly chart works in exactly the same way for the alternate wave count. The only difference for the alternate wave count is the degree of labelling would be one degree lower.
Today I have moved the degree of labelling all down one degree starting at the end of micro wave 2. I do not think the middle of the third wave has yet passed, and so only submicro wave (1) may be unfolding, not submicro wave (3).
From the end of micro wave 2, submicro wave (1) is unfolding as an impulse, and within it, minuscule (red) waves 1 and 2 are complete and minuscule wave 3 is incomplete.
Within minuscule wave 3, nano waves (brown circle) i and ii are complete. Nano wave iii is unfolding as an impulse and its fourth wave within it is completing today. Subnano (navy blue) wave (iv) may not move into subnano wave (i) price territory above 1,151.20.
When subnano wave (iv) is complete, then subnano wave (v) should make new lows. At 1,134 nano wave iii would reach 4.236 the length of nano wave i. This looks like a reasonable target for subnano wave (v) to complete the impulse for nano wave iii.
When nano wave iii is over, then nano wave iv must unfold. Nano wave iv is extremely likely to be a sideways movement, and likely to be very shallow in relation to nano wave iii. Nano wave ii was a very deep 0.93 zigzag. Nano wave iv is most likely to be very shallow, either 0.236 or maybe even 0.146 of nano wave iii. Nano wave ii was not time consuming enough to show on the daily chart so nano wave iv should not be either and should be over within a few hours.
When nano wave iv is complete, then nano wave v should move lower to complete minuscule wave 3.
Minuscule wave 2 was a very deep 0.77 zigzag which was quick enough to not show on the daily chart. When minuscule wave 4 arrives, then it should be very shallow, most likely 0.236 the length of minuscule wave 3, and likely to be very quick.
Overall, I expect more downwards movement with corrections along the way down to find resistance now at the upper edge of the brown channel.
When the lower edge of the brown channel is breached, then look for price to next find support at the lower edge of the green channel. When that green channel is breached by downward movement (at the daily chart level), then I would expect downward momentum to show a very strong increase.
At 1,123 micro wave 3 would reach 1.618 the length of micro wave 1. Micro wave 2 was a very deep 0.74 double zigzag so micro wave 4 should be very shallow, maybe 0.236 of micro wave 3. Micro wave 4 may be a flat, combination or triangle, may not show on the daily chart, and may be too quick.
As before, I am still expecting the strongest piece of downward movement to be within the fifth wave of either (or more than one of) of the third waves of micro, subminuette, minuette or minute degrees.
At 1,111 minuette wave (iii) would reach 2.618 the length of minuette wave (i).
ALTERNATE ELLIOTT WAVE COUNT
Click chart to enlarge.
This bull wave count looks at the possibility that cycle wave a is a complete impulse and that cycle wave b began back at 1,131.09. Within cycle wave b, primary wave A is incomplete and subdividing either as a zigzag or an impulse.
Pros:
1. The size of the upwards move labelled here intermediate wave (A) (to the left of this chart) looks right for a new bull trend at the weekly chart level.
2. The downwards wave labelled minor wave W looks best as a three.
3. The small breach of the channel about cycle wave a on the weekly chart would be the first indication that cycle wave a is over and cycle wave b has begun.
Cons:
1. Within intermediate wave (3) of primary wave 5 (to the left of this chart), to see this as a five wave impulse requires either gross disproportion and lack of alternation between minor waves 2 and 4 or a very rare running flat which does not subdivide well. I have tried to see a solution for this movement, and no matter what variation I try it always has a problem which substantially reduces its probability.
2. Intermediate wave (5) of primary wave 5 (to the left of this chart) has a count of seven which means either minor wave 3 or 5 looks like a three on the daily chart.
3. Expanding leading diagonals (of which intermediate wave (A) or (1) is) are are not very common (the contracting variety is more common). There is also now a second expanding leading diagonal for minute wave i.
4. Volume does not support this bull wave count.
5. Intermediate wave (B) or (2) may only be continuing as a double combination. Minor wave X is shallow, and X waves within double combinations are normally very deep. This one looks wrong.
Intermediate wave (A) (to the left of this chart) subdivides only as a five. I cannot see a solution where this movement subdivides as a three and meets all Elliott wave rules (with the sole exception of a very rare triple zigzag which does not look right). This means that intermediate wave (B) may not move beyond the start of intermediate wave (A) below 1,131.09. That is why 1,131.09 is final confirmation for the bear wave count at the daily and weekly chart level.
The only option now for the bull wave count is to see intermediate wave (B) or (2) continuing sideways as a double combination. The first structure in the double is a zigzag labelled minor wave W. The double is joined by a brief three in the opposite direction labelled minor wave X, a zigzag. The second structure in the combination is an expanded flat labelled minor wave Y which is incomplete.
Within minor wave Y, minute wave b is a 1.15 times the length of minute wave a indicating an expanded flat. Both minute waves a and b are three wave structures.
Minute wave c downwards must subdivide as a five, and because the first wave within it is an impulse and not a zigzag minute wave c may only be unfolding as an impulse.
Within minute wave c downwards, the third wave is incomplete for minuette wave (iii). At the hourly chart level, this bull wave count sees the subdivisions in exactly the same way as the bear (the bull sees everything one degree lower) so the hourly charts are the same. For this reason I will publish only hourly charts for the bear because they work in exactly the same way for the bull.
There does not look to be enough room for minute wave c to complete as a five wave impulse and remain above the invalidation point at 1,131.09. This is now the biggest problem with the bull wave count.
At 1,136 minuette wave (iii) would reach equality in length with minuette wave (i).
TECHNICAL ANALYSIS
Click chart to enlarge.
Weekly Chart: Overall volume still favours a downwards breakout which may now be underway. During this sideways movement, it is still three down days and a down week which have higher volume. On Balance Volume breaches a trend line (lilac line) which began in December 2013, and the breach is significant.
While price has made higher lows, On Balance Volume has made lower lows (green trend lines). This small rise in price is not supported by volume, and it is suspicious. Price is now breaking below support at the green trend line, which is another bearish indicator.
At the weekly chart level, volume is strongest in a down week. Overall volume up until two weeks ago volume was declining, typical of a maturing consolidation. Each series of down weeks includes a week with stronger volume than the following series of up weeks. A breakout should come with increasing volume, which looks like what is happening. Last week has slightly higher volume than the week immediately prior; the fall in price is supported by volume.
RSI is usually a fairly reliable indicator of lows. At the weekly chart level, RSI is well above 30 indicating there is room yet for Gold to move lower.
Click chart to enlarge.
Daily Chart: ADX is very clear. ADX is above 20 and the -DX line is above the +DX line. There is a trend and it is down. The Trend Is Your Friend. Trading against a trend is not advised, and only the most experienced traders can profit from a mean reverting system to trade against a trend. With the EW wave count supported by this TA, and the EW count expecting strong downwards movement to turn up soon, any trades against the trend have the potential for huge losses.
It is easier to profit in a trending market. If you know what direction the trend is, and especially if there are clear lines of support or resistance for corrections against the trend, it should be relatively easy to join the trend at the end of a correction.
The green trend channel shows where price is finding resistance and support. The upper green trend line on the daily chart should continue to show where corrections against this trend find resistance, along with the brown channel on the hourly chart. The lower green trend line on the daily chart may show where the trend is finding support, but be warned this trend line is expected to be breached at some stage by very strong downwards movement.
If price moves above the upper edge of the green channel on the daily chart, then the EW count would be wrong and something else may be happening. At that stage, the trend for the short / mid term may be in doubt. At this stage, there are no indicators that we are about to see reasonable upward movement, so is not expected.
Volume for the last three days is increasing, whereas for the last movement up against the trend volume declined. Volume is still clear; the trend is down.
On Balance Volume is showing some positive bullish divergence: while price makes new lows in the last two days, OBV has failed to also make new lows. This is because overall the last rise in price was on heavier volume than this current fall in price. Because volume bars are still showing an increase for this fall in price, I am not concerned, at this stage, with this bullish divergence in OBV.
Price is finding support at the downward sloping blue line. When downward movement breaks through this line, then we should see some increase in momentum.
During the sideways consolidation from 27th March to 24th June, it was three down days which had the strongest volume.
RSI remains above 30, so there is still room for Gold to fall. RSI does not indicate there is a low in place.
This analysis is published about 04:33 p.m. EST.
GDX 2nd Biggest Loser GDXJ 4th Biggest Loser ETF of the week.
Weekly ETF Gainers / Losers
Jul 17 2015, 16:11 ET | By: Jignesh Mehta, SA News Editor Contact this editor with comments or a news tip
Gainers: GAZ +5.88%. QQQ +5.52%. XLK +4.82%. UNG +4.21%. XLF +3.04%.
Losers: VXX -17.42%. GDX -7.94%. FCG -6.09%. GDXJ -5.3%. PSLV -4.73%.
GDX drops 4.52% on volume of 60,949,000 which other than July 7th is the highest volume since GDX had a big bullish jump up on April 1st.
DUST closed up 13.16% today on volume of 7,337,409
DUST closed at 26.74 today up 30% since Tuesday’s noon low of 20.57
My data feed has today’s low at 1,131.22. Which is just above the invalidation point.
But this structure for the bull wave count now makes zero sense.
I may publish the bull daily chart one more time with a very short comment on it, it does remain technically viable with my FXCM data feed.
Downward movement is finding some support here at the lower green trend line. I’ll expect a bounce. I think that is it for today folks.
I’ll be looking at the degree of labelling on the hourly chart in line with targets; either my degree since the end of micro wave 2 needs to be moved back up one, or my targets are too high.
The target for minute wave iii is the same and that is the only one of which I am confident that we shall see a move up that lasts for at least one day.
So I’m expecting some up / sideways movement to end Friday / begin Monday, and then we may see that lower green line breached on the next wave down.
Once that green line is breached look out for a strong increase in momentum.
For resistance, look for the lower edge of the brown channel on the hourly chart now to possibly provide some. If that holds, and price follows it down, then that is your line of resistance before Monday. If price breaks above it again then it will be the upper brown line which is resistance.
The invalidation point will probably be 1,157.59.
My invalidation point will be at 1,158.34.
But if the lower edge of the brown channel is breached, then the upper edge should provide resistance. So I don’t think price will get close to that invalidation point.
Gold Miner Stocks, ETFs Trading at Cheapest to Bullion in Three Decades
After the drop-off this year, gold mining stocks are now the cheapest relative to gold bullion since at least the 1980s, reports Isaac Arnsdorf for Bloomberg. July 17, 2015
http://www.etftrends.com/2015/07/gold-miner-stocks-etfs-trading-at-cheapest-to-bullion-in-three-decades/
GDX Fibs
https://www.dropbox.com/s/x2xal5mxh8dnhwc/GDX%20FOR%20MIKE.png?dl=0
Dollar Remains Gold’s Biggest Nightmare: Technical Expert
July 17, 2015 – 11:42am by EW gold expert Gary Wagner
http://thegoldforecast.com/video/dollar-remains-gold%E2%80%99s-biggest-nightmare-technical-expert
Gary believes in the inverse effect of the US dollar and gold. Yes it isn’t a fixed and exact inverse, however it is very real.
Recently the inverse relationship was almost tick for tick. Gold’s move today below the long time low coincided with the dollar’s move above 98.
Important to know that inverse effect even if it varies.
I see 1093 area as the start of the first significant multi-day correction. Anything prior to that will be short-lived and difficult to trade IMO. 1093 should occur approx. by the end of July, based on the duration of the prior 2nd wave. That seems to match with Lara’s 14 (now 13) day estimate.
Gold may then correct to 1115 – 1135 zone by mid-Aug, followed by a drop to 1066 by the end of Aug.
Of course, these are just estimates.
Matt. I concur with your estimates. They align with mine precisely.
I do feel that it is still fine to trade the current drop. DUST appears to be stubbornly rising despite small rises in the gold price. I will hold on to my DUST until 1123 when I envisage an interruption to the downtrend. The correction could take up to 1140 after which the down movement continues to 1111, 1093 and so on. You are right that those movements are the best (and most profitable / least stressful) to trade.
The trading vehicle that I use works best just adding to a short position when bounces come along. Anything else would just be playing with fire.
I wouldn’t count on gold bouncing all the way up to 1140 anytime soon.
Tham, I noticed that Lara stopped mentioning 1066. Isn’t that the biggest price area for gold to put in a multi-month correction? Are you still using this figure? I suppose Lara is just wisely disclosing one leg of the journey at a time. Anything else leads to distortions down the road.
Yes, I do.
Maybe I spoke too soon about gold not getting close to 1140. However, it may just there (or close) now and not after the next correction.
We should have a party this weekend!!! I have never made so much money in very little time.
Thanks Lara!!!
Yes a Hot Tub and Polar Bear swim party.
We waited months for bull invalidation and it finally happened, yippee!
I think we should all fly to New Zealand when primary 5 ends! 🙂
Just kidding, Lara! 🙂
I am booking my ticket!
You’d all be most welcome to visit New Zealand, but it is rather cold ATM 🙂
Perhaps Hawaii would be more central? (and they just happen to have warm water and nice waves)
Thanks. I figure that primary 5 should end during the New Zealand summer, so the timing might actually work. Ha-ha
Just got back from Hawaii – it was perfect.
It appears GDX (DUST) has gotten ahead (even more than normal) of Gold and Silver and is due for a pause or correction so Gold and Silver may catch up.
Is there going to be any significant short-term correction (up) of GDX which may provide entry into DUST for continuation of Gold’s move down? What price? Or possibly GDX will not correct (up) , will just pause and wait on Gold and Silver?
GDX corrections may be shallow and fast until the end of July.
Lara, do you have intermediate wave one complete for oil?
No, not yet. I have minor wave 1 close to completion.
Thanks.. Yes, minor one.. Ok…
Once Lara provides comment today she will confirm her Bull invalidation.
This is excellent news as we can trade bearish on the way down and buy miners at the final bottom of Primary wave 5 at $957 although that target will be adjusted and perhaps a target zone given as we get further down in the waves.
Miners may be 50% or even more discounted over current prices at final bottom, where Cash is King in the Buying Opportunity of a Lifetime.
Lara has bottom target for GDX as $11.22
Lara has Silver final confirmation below $14.077, then first target $11.52, second target $5.309. Silver miners may be even more drastically discounted in price.
This is a Champagne and Caviar night!
If target prices approximately hold that means movement (in very rough terms) Gold 15%, GDX 25%, Silver 65% ?
YES BULL COUNT HAS BEEN INVALIDATED AND OVER WITH FULL CONFIDENCE TODAY
Look at bottom chart bull daily is invalidated below 1131.09 as that was according to Lara last year’s low November 7th
However since pm bull had 1131.92 low November 7th and today 1131.25 at 10:11 am
Lara says it is important to compare the counts on the same chart so compare pmbull November low 1131.92 to today 10:11 am 1131.25, so BEAR COUNT IS INVALIDATED WITH FULL CONFIDENCE.
What does this mean? Both Bull AND Bear count invalidated…
Richard mistyped. The bear count would be confirmed below 1,131.09.
Lara.. my second post… Joined yr service on Jan 1st of this year… X became more 2X in in Jan… Now another 75% in current movement. Awesome. Thanks you soooooooo much. The target which you give in your analysis is what makes me comfortable holding these etfs. Number of trades just by your analysis is 23 with 21 as success and 2 loss.
Thank again and I am up for life time membership 🙂
Fantastic! And thanks for letting me know. It makes me happy when members can use my analysis to make $$
Bear not confirmed as low so far was 1131.28 at 10:10 am
http://www.pmbull.com
Needs to go below 1131.09 bull invalidation point
Different data feed, Thanks Richard.
Both Kitco and Investing.com have the low below 1130.
pmbull.com uses average of bid and ask in spot market. I believe Lara’s data feed is COMEX. Since I do not have real-time COMEX data, I have to wait the 20 minute delay interval to see how low COMEX got.
Going under 1131.09 on the COMEX probably invalidates everyone’s EW bull counts except for Ron Rosen’s.
As of 10:14 reporting tradingcharts.com shows a COMEX trade at 1129.7
She uses FXCM brokers price.
And I think FXCM is based on COMEX futures and not the spot market.
I trade COMEX futures and can assure you that Lara’s numbers are always about $1 higher. On investing.com, for example, COMEX gold is listed as “Gold” while “XAU/USD” is closer to what Lara publishes. I actually go through this exercise every day. 🙂
Looks like we have a confirmed Bear !!!
YEAAH! Hallelujia
I have 1131.08 as a low. Anyone else?
Lara, can you consider posting a chart with labeling degree moved up? Looking at an entry/re-entry location.
I have the low as 1131.25. Close but no cigars.
This was Lara’s nano 3, but as I suggested in my post below, the price movement ought to revert to one degree higher (as there is no more room for downwards movement unless the 4th waves are very large), I would call this miniscule 3.
After a brief 0.236 retrace to 1139 thereabouts, the next tradeable wave would be miniscule 5 targeting 1123. But, looking at the current price movement, I don’t see how we could move this high, and so a 0.146 retrace could occur, or even 0.09. This happened precisely at the corrective high of 1134.28, and we could now be dropping in the fifth wave from here. This drop will invalidate the bull count. However, I don’t think we can bear (no pun intended) to have no bull, and so the bull will morph into a different form.
Tham check November 7th low and today’s low in pmbull and you will see that today is lower so Bull Count is Invalidated. Lara says always use the same chart.
Yes we may end up with more that one wave count. However this bullish wave count daily and hourly is thankfully over.
oh you’ve got to be kidding about the bull. Ha!
Hi Tham, Thanks again for advising to hold DUST position!! When 1123 target is hit do you expect retrace to be quick. I ask because I’m holding Dust in my SEP account also, where if I sell I can not repurchase for 3 days.
Hi Robert. I would expect the upward correction at 1123 to be a little longer than the current 4th waves. Let’s wait till Lara throw some light on this. Time analysis is not so well established as price analysis. Very few analysts give pointers on how to do it. The best I can muster is analysis based on Fibonacci numbers and Lucas numbers. I have not taken the trouble to study cycle analysis (such as Hurst cycles) and so my repertoire insofar as timing is limited. Furthermore, I have observed that there is greater room for error as compared to price analysis.
By the way, what trading platform do you use, that you cannot use funds from selling for immediate purchase? I use E*Trade and there is no problem with buying immediately after selling, using the same funds. The only time lag I experience is to withdraw my money in cash.
I use Scottrade. I can trade in and out of stocks at will within my margin account, but within my SEP I can not trade unsettled fund. I’ve held DUST in my SEP for over 2 months, where as I have traded in and out of DUST in my margin account. The funny thing is I’ve done much better in my SEP where my trading is restricted.
If possible it would help.
I’ll not be changing the degree of labelling , we still have not passed the middle of the third wave.
Your entry points may be found each time price meets resistance.
Actually, after further consideration I will be changing it ATM…
And maybe we’ll see the strongest part of downward movement in fifth waves to come.
Moving it back up one fits with all targets. But still not momentum on the daily chart. Maybe that will be resolved once the fifth waves arrive.
873 is this technicians target.
http://www.cnbc.com/2015/07/16/gold-is-on-the-cusp-of-a-major-breakdown-technician.html
Friday 8:30 US CPI and other 8:30 am news may effect US dollar and gold.
FRIDAY, JULY 17
8:30 a.m. Housing starts June 1.11 mln 1.04 mln
8:30 a.m. Building permits June 1.18 mln 1.25 mln
8:30 a.m. CPI June 0.3% 0.4%
8:30 a.m. Core CPI June 0.2% 0.1%
10 a.m. Univ. of Michigan consumer sentiment July 95.0 96.1
Hi Lara.
Just to check with you on the price movements you suggested. Micro 3 would end at 1123, and nano 3 at 1134. Now nano 3 is 3 degrees down from micro 3. Also, submicro 1 is yet to end. In this scenario, is there enough room to fit in all the price movements? Perhaps moving all the waves back up one degree would help. In this case, we are currently in submicro 3 and not submicro 1. This was the previous scenario.
Nope. Maybe I will have to move it all up one degree….
Or my short term targets are just too high.
But when I look at it on the daily chart I really don’t think the middle of the third wave is passed yet…. Momentum hasn’t yet increased beyond that seen for minor wave 1 on the daily chart.
This is a conundrum. I’ll think on it this morning.
Hi Lara. Now that U.S. Oil has dropped a fair amount in price, could you be so kind as to provide an update. The post on 28/6 is closed to comments.
I would like to check if my calculations are in sync with yours as I think many of us would like to profit from the (strong) third wave down.
Hi Tham. Would be interested in your current count for oil. Thoughts?
Hi Eli. I see Primary 4 completed at 61.82. Price is now slowly dropping in Primary 5.
In Intermediate 1, Minor 1 and 2 are complete at 58.73 and 61.57 respectively.
In Minor 3, minute 1, 2 and 3 are complete at 57.94, 59.69 and 50.58 respectively.
Minute 4 is completing 50.58 – 53.89 – 50.88 – ? The last high was 53.50. I expect minute 4 to complete at 54.19.
Hope this helps. We’ll wait for Lara’s input.
By the way, I am targeting Intermediate 3 which has the largest drop. I expect that drop to be around $27, which would yield handsome profits. I short using DWTI. What do you use?
Thanks Tham. Yes I’m looking at this market now that I’m out of gold for the moment. When shorting i just buy plain old puts on USO
Yes, will do. Over the weekend.
Thanks.
I was hoping for a big bounce to adjust my position however the next daily bounce green daily candlestick may only be in 14 days at 1,093 iii. Until then the 4th wave bounces may end up finding resistance at the hourly brown upper trend line.
However bounce at minuette (iii) at 1,111 may be intraday or green candlestick.
Every time that price touches the resistance trend lines it should turn down from there. If my wave count is correct then each time price reaches resistance that should be a high, not to be exceeded for quite some time.
Lara thanks for your clarity. You are the shining light in the Gold forecasting Universe!
Lara your Chartered Market Technician – CMT – Technical Analysis Training is increasingly come in helpful, thanks.
Yes. It’s helped so much figure out which direction the breakout was going to be from that long sideways move.
If I didn’t have all that reading and learning under my belt I would have been more lost in that mess.
It’s helped my trading a lot too.
Lara, the latest GDX post dated July 15th appears to be missing?
You’re right even clicking on the email I received doesn’t pull
GDX Elliott Wave Technical Analysis – 16th July, 2015.
I’m sorry everybody, it was gone.
It’s back now.