Upwards movement was expected to resume for Thursday’s session, which is what has happened.
A little downwards movement within a consolidation was expected to continue for Wednesday.
So far price is behaving as expected this week. The breakout direction is still expected to be the same.
Upwards movement has continued, which was allowed for in the main Elliott wave count.
Volume and candlestick analysis are used today to indicate the most likely short term Elliott wave count.
Price remains within a consolidation zone.
On Balance Volume still has not given a signal.
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.
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.
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.
A little more downwards movement towards the Elliott wave target at 1,238 was expected. Price did make a slight new low, but fell short of the target by $3.40. Thereafter, a breach of the channel on the hourly chart indicated a low was likely in place for the short term.
Yesterday’s signal from On Balance Volume that caused concern for the main Elliott wave count is now negated. The main Elliott wave count has support from classic technical analysis.
Downwards movement was expected to continue with strong momentum. This is exactly what has happened.
A downwards swing was expected to continue. Members were warned that within this consolidation price should not be expected to move in a straight line. The whipsaw today is a good illustration of risk within consolidations.
Upwards movement was expected to continue, but members were warned that when price is within a consolidation it does not move in a straight line. Strong downwards movement today remains above support.
Price reacted downwards off the trend channel on the hourly charts and has bounced up from support at the lower edge.