A continuation of downwards movement was expected for the short term. With the 0.382 Fibonacci ratio passed, the 0.618 Fibonacci ratio is a new target.
Downwards movement was expected to begin the new trading week. An inside day closes red, which mostly fits expectations.
Another small range day fits short-term expectations. All Elliott wave counts remain valid.
A small inside day leaves all Elliott wave counts unchanged.
An upwards day with support from volume breaks above resistance.
Resistance zones will be used as targets.
Another small range day remains within the consolidation zone. On Balance Volume remains range bound and may give a signal within a very few days.
The ascending triangle pattern has not resulted in a clear breakout, so it is discarded.
Four Elliott wave counts remain valid. Two hourly charts are provided for members today.
Upwards movement was expected to be limited, and so far this is what is happening.
For the short term, the two preferred Elliott wave counts (combination and triangle) expected downwards movement to begin the new trading week. So far that is what is happening.
All four Elliott wave counts are reviewed in today’s end of week analysis.
GDX and Gold both continued lower for the week as expected.
With Gold now having developed an extreme downwards trend, candlestick reversal patterns may be used as warnings that the trend may either end or be interrupted by a consolidation to relieve extreme conditions.